Saturday, January 31, 2009

ReneSola secures funding for Sichuan facility


JIASHAN, CHINA: Solar wafer manufacturer ReneSola subsidiary Sichuan ReneSola Material has signed a RMB 800 million (US$117 million) five year project loan agreement with the Sichuan branch of China Construction Bank to support the construction of a polysilicon production facility in Meishan, Sichuan province.

ReneSola Chief Financial Officer Charles Bai said that the company had now secured around 90 percent of the capital needed to fund the project to completion.

Pilot production for phase one of the Sichuan polysilicon facility is expected to begin late in the second quarter of 2009, while phase two will begin late in the third quarter. Each phase will consist of 1,500 metric tons (1,476 tons) of polysilicon production.

The facility will provide ReneSola with a stable source of polysilicon feedstock for its wafers.

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