ReneSola secures over $50 million loan guarantee from CDB

Share

The Chinese photovoltaic module and wafer manufacturer signed the 15 year loan agreement with the China Development Bank (CDB). The RMB 320 million is expected to fund ReneSola’s domestic development.

While the Chinese Government is targeting 10 GW of new photovoltaic installations this year, many believe 8 GW will be added. Despite this, it is believed that China will become the top photovoltaic market in 2013, ahead of Germany.

Commenting on today’s news, ReneSola CEO, Xianshou Li said, "Our ability to secure additional capital amid weak macro conditions and a tight credit environment speaks to our healthy overall financial position, as well as to the ability of our management team."

According to Reuters, ReneSola’s total debt, and cash and equivalents, totaled $790.2 million and $268.1 million, respectively, as of December 2012.

Regarding the U.S.-Sino trade case, ReneSola recently announced that it is managing to circumvent tariffs by sourcing its photovoltaic cells from countries other than China; a loophole that both SolarWorld and U.S. Congress has said should be closed.

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Share

Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.