Suntech, Trina Solar Boosted by Loans

15 April 2010 (Last Updated April 15th, 2010 18:30)

Chinese solar power equipment makers Suntech Power Holdings and Trina Solar have signed framework agreements with China Development Bank (CDB), giving them access to a combined 80 billion yuan (元) ($11.72bn) in loans, company officials said. Suntech director for investor relation

Chinese solar power equipment makers Suntech Power Holdings and Trina Solar have signed framework agreements with China Development Bank (CDB), giving them access to a combined 80 billion yuan (元) ($11.72bn) in loans, company officials said.

Suntech director for investor relations Rory Macpherson told Reuters that the firm signed for up to 元50bn ($7.33bn) of loans from CDB over five years.

The loan does not limit the funding to specific projects, so the amount can be used for capacity expansions, Macpherson said.

Trina Solar will receive a 元30bn ($4.40bn) loan from CDB that will last through 2015, according to Trina Solar chief financial officer Terry Wang.

Trina Solar hopes to boost shares in the solar products market to 9% this year, up from 6.2% last year.

Suntech plans to increase its production capacity to 1.4GW by the middle of 2010, while Trina Solar plans to expand to 950MW by the end of the year.