A Chinese solar company will be provided with a $14.5-million credit facility by a Chinese commercial bank, which has tripled its commitment to the Nanjing, Jiangsu-based solar firm.

ET Solar Group Corp., an integrated manufacturer of silicon ingots, wafers, modules, and solar tracking systems said that the loan, to be supplied by China CITIC Bank, will be payable within one year. With the announcement, China CITIC Bank has committed a total of RMB150 million ($21.8 million) to ET Solar.

China CITIC Bank is one of China’s top lenders, in terms of total assets. It is listed on the Hong Kong Stock Exchange and has presence in over 70 countries worldwide.

The credit-worthiness of ET Solar was guaranteed by a municipal government entity to the Chinese bank.

"We are very pleased to announce this new credit facility which showcases the continuous support that the government and leading Chinese banks have been extending to us,” ET Solar Chairman Xinghua Wang said.

Aside from making integrated PV parts and complete modules, ET Solar also provides energy engineering, procurement, and construction contracts which include turnkey solar solutions for its clients.

ET Solar has local sales and marketing subsidiaries and offices in Asia, Europe, and North America, in over 50 countries. It produces over 80 megawatts of its solar modules yearly.


- Eric Dorente

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