CIG: China’s top solar equipment producers, Suntech & Trina Solar secure $11.7 billion loan deals.

April 14, 2010 - PRLog -- China’s biggest solar cell and panel producer, Suntech Power Holdings has, CIG has been informed, signed an agreement with the China Development Bank for an effective $7.3 billion worth of loans over the next five years according to a Suntech executive.

He said that the agreement between the firm and the bank was non-binding and was not tied to specific projects so it could be used for capacity expansion, adding that the agreement was an indication of the strong partnership between the firm and the bank.

CIG was also informed that the CFO for Trina Solar also announced that they had forged a $4.4 billion loan agreement with the same bank.

As China drives to catch up with renewable energy leaders such as Germany’s Q-Cells AG and Spanish wind energy firm Iberdrola, such deals are becoming more common.

"As we accelerate global reach to Europe and the U.S. and as we widen our base among top markets, we could use the loan for market expansion. We're looking at projects overseas." CIG has learned the Trina Solar CFO recently told reporters in an interview, adding that Trina Solar hoped to boost its share of the solar products market to 9 percent this year, up from 6.2 percent last year, and was looking at double-digit expansion for 2011.

The international solar energy sector is making a healthy comeback after a significant price drop for solar panels as well as the effects of the global financial crisis which saw funding for new projects and development dry up.

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