Solar Power, Inc. (SPI) announced that it has signed a strategic cooperation framework agreement with Industrial and Commercial Bank of China (ICBC). Under the agreement, ICBC has committed to providing credit facilities to support SPI's business expansion, including project financing, re-financing, M&A financing as well as other general funding needs.
As part of the agreement, ICBC will link its online e-commerce platform to SPI's Solarbao.com platform and will include SPI's innovative Solarbao investment products as part of its online wealth management product offerings, providing a convenient way for existing ICBC e-commerce customers to purchase Solarbao.com investment products.
"We are delighted to partner with ICBC, one of China's most prominent banking institutions with one of the largest retail banking customer bases globally," said Xiaofeng Peng, Chairman of SPI. "With ICBC's strong credit support we will be able to accelerate SPI's business expansion plans while Solarbao.com's inclusion on ICBC's e-commerce platform will help drive sales of our Solarbao investment products to ICBC's massive customer base," continued Mr.Peng. "We believe this win-win partnership is an important step forward to realizing our vision of creating a leading global solar company."