Solar Power, Inc. (SPI) announced that it has signed strategic cooperation agreements with China Minsheng Bank Co., Ltd. (Suzhou Branch) (Minsheng Bank), China Construction Bank Co., Ltd. (Suzhou Branch) (CCB) and Suzhou Bank Co., Ltd. (Suzhou Bank).
Under the agreements, Minsheng Bank, CCB and Suzhou Bank will provide credit lines of RMB7 billion, RMB2 billion and RMB1 billion, respectively, to support SPI's project financing, re-financing, as well as financing for M&A projects and other general funding needs.
Xiaofeng Peng, Chairman of SPI, said, "As a global company, we are delighted to announce these strategic partnerships with three of China's strongest banks. Gaining the support of these three banks, usually reserved for China's state owned enterprises, gives SPI the ability to execute on our strategic plan to an even larger scale and positions us to greater long-term value for our shareholders."
Each of the banks also agreed to provide general banking services in support of SPI's daily operations.