ReneSola Ltd has secured a loan guarantee worth RMB 320 million (around US$51.5 million, €39.9 million). The funds are expected to be used towards the company’s domestic development in China.
The Chinese photovoltaic module and wafer manufacturer signed the 15 year loan agreement with the China Development Bank (CDB). The RMB 320 million is expected to fund ReneSola’s domestic development.
While the Chinese Government is targeting 10 GW of new photovoltaic installations this year, many believe 8 GW will be added. Despite this, it is believed that China will become the top photovoltaic market in 2013, ahead of Germany.
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