NANJING, China, November 23 /PRNewswire/ -- ET Solar Group Corp. (ET Solar), a Nanjing-based photovoltaic (PV) system turnkey solution provider and integrated manufacturer of PV products announced obtainment of an RMB400 million credit facility.
The RMB400 million credit facility (approximately US$59 million, or Euro40 million) was arranged by China Everbright Bank and joined by China Merchants Bank. It has a trade finance tranche and a working capital tranche with a 1-year tenor that would be renewable subject to satisfactory credit review.
The new facility brings total credit lines currently available to ET Solar by various Chinese banks well over RMB800 million (approximately US$120 million, or Euro80 million). It further diversifies ET Solar's banking relationships in China with both large national banks and leading regional banks as its lenders.
Fischer Chen, Chief Financial Officer of ET Solar, commented This new loan facility further increases our financial flexibility and puts us in a more comfortable position to maintain our growth momentum and strengthen the bankability of our products and turnkey solution services. We are especially pleased with the strong commitment from China Everbright Bank and China Merchants Bank, which are both leading lenders in the fast growing Chinese economy.
We are very pleased to have arranged the credit facility for ET Solar as we are very much impressed with its fast growth track record and differentiated business evolution roadmap, Hong Cheng, Deputy General Manager of China Everbright Bank, Nanjing Branch, added.
About ET Solar:
ET Solar is a vertically integrated solar energy equipment manufacturer and turnkey solutions provider. With local sales and marketing subsidiaries and offices in Asia, Europe, and North America, ET Solar has provided solar modules, solar tracking systems and turnkey solutions services to its customers in more than 50 countries and areas.
About China Everbright Bank:
China Everbright Bank (CEB) was established in 1992 and headquartered in Beijing. It is a financial services company in asset management, direct investment, brokerage and investment banking in the Greater China region. By end of 2008, the bank's total assets stood at US$124 billion.
About China Merchants Bank:
China Merchants Bank (CMB) was founded in 1987 and headquartered in Shenzhen, China. CMB focuses on domestic business and provides both corporate and retail banking products and services and conducts treasury activities. The firm is listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange. By the end of the first half of 2009, CMB had total assets of US$289 billion.
For more information, please contact: Amanda Xu Media Assistant Marketing Dept ET Solar Group Tel: +86-25-8689-8096 x9023 Fax: +86-25-8689-8097 Email: email@example.com
SOURCE: ET Solar Group Corp.
CONTACT: Amanda Xu, Media Assistant, Marketing Dept, ET Solar Group,+86-25-8689-8096 x9023, fax, +86-25-8689-8097, or firstname.lastname@example.org