China Development Bank Grants RMB 5B Credit Facility for GCL to Develop Solar Farm

published: 2014-03-31 13:18 | editor: | category: News

GCL-Poly Energy Holdings Limited announced that GCL-Poly has signed a credit facility agreement with Suzhou Branch of China Development Bank for an amount not exceeding RMB 5 billion. The facility will be designated for the development of GCL-Poly’s solar farm business in China.

Pursuant to the agreement, Suzhou Branch of China Development Bank will provide GCL-Poly with a credit facility up to RMB5 billion. The facility will be used by GCL-Poly as well as its subsidiaries for the development of their domestic solar farm projects.

Mr. Zhu Gongshan, Chairman of the Board of GCL-Poly, said: “Expanding green energy business is our unalterable direction. Our investments have to be safe and we want to bring clean energy to millions of households in order to fulfill our social mission as a responsible clean energy enterprise. The support from China Development Bank will strongly promote the development of GCL-Poly’s solar farm business. We will continue to increase R&D investment in the area of technology innovation in order to achieve vertical integration along the solar value chain. This will further strengthen the overall competitiveness of GCL-Poly.”

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