SPI Solar Gets New Credit Line Of $1.6 Billion
by James Ayre
SPI Solar, a notable solar photovoltaic (PV) project developer, has secured a new credit line of around $1.6 billion, according to recent reports.
SPI SolarThe new credit line is being provided by three separate banks in China — China Construction Bank, China Minsheng Bank, and Suzhou Bank. Under the new agreements, China Construction Bank is providing RMB 2 billion (~$319.342 million); China Minsheng Bank is set to provide RMB 7 billion (~$1.118 billion); and Suzhou Bank is set to provide RMB 1 billion (~$159.671 million).
According to earlier reports, SPI Solar will be utilizing the new credit lines for project financing, the financing of M&A projects, re-financing, and various other funding necessities.
Commenting on the new financing, the chairman of SPI Solar, Xiaofeng Peng, stated: “As a global company, we are delighted to announce these strategic partnerships with three of China’s strongest banks. Gaining the support of these three banks, usually reserved for China’s state owned enterprises, gives SPI the ability to execute on our strategic plan to an even larger scale and positions us to greater long-term value for our shareholders.”
