Kong Sun, China Kangfu sign PV financing deal

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Under a new strategic cooperation agreement, Beijing-based China Kangfu International Leasing will become one of Kong Sun’s main financing partners.

Over a period of two years, it will provide a credit line of up to 5 billion yuan ($739.5 million) to help Hong Kong-listed Kong Sun acquire solar assets and finance the development of PV projects.

Kangfu Leasing will also seek potential acquisition targets for its partner, while Kong Sun will introduce it to PV developers and solar equipment suppliers, according to a statement on the Hong Kong stock exchange.

In June 2015, a subsidiary of SPI Energy offered a 1 billion yuan aggregate finance lease credit line to back Kong Sun’s solar projects throughout China.

And late last year, Kong Sun revealed that it aimed to operate 2.4 GW of solar capacity in the country by the end of 2016.

Over the past few years, the company has rapidly shifted from the property market to PV investment and development, after raising approximately HK$2.3 billion ($296.6 million) in a share placement.