Shanghai, China [RenewableEnergyWorld.com] Solarfun Power announced that Jiangsu Linyang Solarfun Co. Ltd., a wholly owned subsidiary of Solarfun, has secured a credit facility in the amount of RMB 400 million [US $58.5 million].
The credit facility was issed by the Bank of Shanghai. Of the RMB400 million, RMB300 million will be in the form of a 3-year loan.
“The additional credit facility provided by Bank of Shanghai gives us greater flexibility as we continue to execute on our growth strategy and will also allow us to utilize our resources to support our customers’ in terms of project financing. We are pleased to partner with Bank of Shanghai, especially during a time when many companies are facing difficulties in securing access to credit, and greatly appreciate Bank of Shanghai’s confidence in the future of Solarfun,” said Peter Xie, president of Solarfun.