Photovoltaic products manufacturer ET Solar is set to receive a $1.27bn credit facility from China-based CITIC Bank.

ET Solar will use the loan for general corporate and capital expenditure purposes over the next five years, under the terms of the strategic alliance agreement.

Dennis She, ET Solar vice president and CEO, said ET Solar has established a strong tie with CITIC with credit support and other banking services that the bank provided in the past three years.

China CITIC Bank Nanjing Branch president, Shijing Jiao, stated that the agreement demonstrates the bank’s strong belief and viability of ET Solar’s downstream driven business model, long-term commitment to the PV industry and the full fledged banking services.