NANJING, China, July 13 /PRNewswire-Asia/ -- ET Solar Group Corp., a Nanjing-based solar farm EPC provider and integrated manufacturer of photovoltaic products including ingots, wafers, modules, and tracking systems announced a RMB100 million credit facility with China CITIC Bank.
The facility has a 1-year tenor and is renewable at maturity upon satisfactory review by the bank. Structured in a trade financing tranche and a general corporate funding tranche, the local currency denominated facility of RMB100 million, approximately US$15 million or Euro10 million.
Credit enhancement of the transaction is largely a third party guarantee provided by a municipal government entity. Before granting this facility, China CITIC Bank was already an existing lender amongst a number of large domestic banks providing financing to ET Solar. The new facility brings the bank's total credit commitment to ET Solar up to RMB150 million.
Xinghua Wang, chairman of ET Solar, commented, "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. The new facility is adding to our financial strength and enhancing our ability to expand our business comfortably amid the worst financial crisis in decades."
Fischer Chen, CFO of ET Solar, added, "As one of the more sophisticated national lenders, China CITIC Bank went through a comprehensive credit review process before substantially increasing its exposure to ET Solar. This demonstrates our healthy financial wellbeing, strong track record, unique market niche and credible transaction pipeline."
ET Solar Group:
ET Solar Group is a vertically integrated solar energy equipment manufacturer and turnkey solutions provider. With local sales and marketing subsidiaries and offices throughout Asia, Europe, and North America, ET Solar provides high quality photovoltaic modules, world leading solar tracking systems and smart turnkey solutions to our customers in more than 50 countries and areas.
China CITIC Bank:
China CITIC Bank is one of China's top lenders in terms of total assets. Established in 1987 and subsequently listed on Hong Kong Stock Exchange, China CITIC Bank is a large commercial bank that provides both domestic and cross border financial services. It has a domestic network of more than 400 branches and has established correspondent relationships with more than 900 banks in more than 70 countries around the world.
