Solarfun (SOLF) Announced Another Big Credit Facility

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09:17:03 am on July 22, 2010

Just a few days ago Solarfun Power (SOLF) announced a credit facility worth RMB 6 billion from the Nanjing branch of the Bank of Shanghai.  This morning they announced another big credit facility, this time worth RMB7 billion from Bank of China.  It has a term of 10 years with specific draw downs subject to review. 

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Gareth Kung, Chief Financial Officer of Solarfun, commented, “Our longstanding relationship with Bank of China has been an important ingredient in Solarfun’s growth and progress to date.  Visibility of customer demand remains high throughout 2010 and key customer indications give us increased confidence in the prospect for 2011. We believe this new framework credit facility would provide added flexibility for Solarfun to finance future expansion plans. The demands of our customers are evolving, including project financing, and this new facility will assist us in meeting their needs more competitively.”

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