Shunfeng Photovoltaic International Limited has secured a CNY 20 billion ($3.25 billion) credit line from China Minsheng Banking Corporation.
As part of the two-year agreement, the bank will work closely with Shunfeng "to enhance the forward planning of the groups financing needs for its business development," the PV company said. The pact will be automatically extended for one year upon expiry of the initial term if it hasn’t been terminated by the parties. Shunfeng and China Minsheng may also enter into further deals related to specific transactions carried out under the agreement.
In July, Shunfeng landed a three-year revolving credit facility from China Merchants Bank of up to $323 million.
The group’s Jiangxi Shunfeng Photovoltaic Investments subsidiary acquired the credit facility, which is available to the unit’s 16 subsidiaries for fixed asset loans, financial guarantees and credit financing.
Shunfeng said it intends to use the credit facility for the development and construction of solar plant projects, adding that the credit facility would further enhance the groups ability to develop and construct solar installations.
Shunfeng, which recently completed the takeover of Suntech, has been eyeying the U.S. market. Suntech CEO Eric Luo said in July that it was looking to expand in the U.S., where it is exploring acquisitions.