ET Solar Group Corp. ("ET Solar"), a China-based vertically integrated producer and provider of Photovaltaic (“PV”) modules and related solutions to the global solar market, announces a strategic alliance agreement with China CITIC Bank, Nanjing Branch (“CITIC”).
Under the indicative agreement, CITIC will provide, in the next five years, a credit facility of no less than RMB8 billion (or US$1.27 billion) to ET Solar for both general corporate (including but not limited to working capital and trade finance) and capital expenditure purposes. The agreement also covers various other commercial and investment banking services that CITIC will provide to ET Solar.
Mr. Dennis She, Chief Executive Officer of ET Solar, commented: “With credit support and other banking services that the bank provided to us in the past 3 years, ET Solar has established a strong tie with CITIC, a leading financial powerhouse in China and one of our house banks. This strategic agreement is taking our relationship to the next level and positioning us advantageously in capturing the overall market growth and accelerating our strong momentum in European system business development.”
Mr. Shijing Jiao, President of China CITIC Bank Nanjing Branch, added: “The agreement demonstrates our conviction of the strong viability of ET Solar’s downstream driven business model, our long term commitment to the PV industry, and the full fledged banking services that we are capable of providing to our core customers.”