ReneSola Ltd., a Chinese manufacturer of solar wafers, says its wholly owned subsidiary Sichuan ReneSola Material Co. Ltd. has signed a RMB800 million (approximately $117 million) five-year project loan agreement with China Construction Bank, Sichuan Branch, to support the construction of ReneSola's polysilicon production facility in Meishan, Sichuan province.
‘The agreement, combined with previously acquired financing, provides ReneSola with approximately 90% of the capital necessary to fund the project to completion,’ states Charles Bai, ReneSola's chief financial officer. ‘Our ability to secure capital in a tight credit environment demonstrates confidence in the development and operation of our polysilicon facility and faith in our management team's track record of delivering positive results.’
Pilot production for phase one of its Sichuan polysilicon manufacturing facility is expected to commence late in the second quarter of 2009, and phase two pilot production is expected to commence late in the third quarter of 2009. Each phase will consist of 1,500 metric tonnes of polysilicon production.