Solarfun (SOLF) Announces Credit Facility Worth RMB 6 Billion From Bank of Shanghai

Solarfun just announced that it has been granted a credit facility worth RMB 6 Billion (or an equal amount of foreign currency if desired)  from the Nanjing branch of the Bank of Shanghai. The term is 5 years and the Bank of Shanghai must review and approve each drawdown individually.

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In a press release, Gareth Kung, Chief Financial Officer of Solarfun, explained the significance of the news:

“We are pleased to expand our partnership with Bank of Shanghai and view this new credit facility as an important component of our long term financial plan. It provides us with the capital resources and flexibility to continue to grow our business aggressively in the future, including capacity expansions, investments in technology, branding and project financing.”