Xinjiang Goldwind Science & Technology Co., Ltd. (Goldwind) announced that it has signed a strategic agreement with the Industrial and Commercial Bank of China Limited (ICBC) to provide capital for the development of its domestic business. The agreement represents a major corporate milestone.
Pursuant to the agreement, Goldwind will have access to RMB10 billion in financing from ICBC over the next two to three years for the development of projects and for daily operations. The facility includes fixed-asset loans, working capital loans, M&A loans, trade financing, guarantees, project financing, and export credit.
In addition, ICBC has agreed to provide Goldwind with comprehensive, integrated financial services, including, cash management, international business services, investment banking, and financial leasing.
Last year, Goldwind entered into a separate strategic agreement with the China Development Bank in support of international business development. Under that agreement, Goldwind secured a US$6 billion financing facility.
Goldwind is the world's largest manufacturer of Permanent Magnet Direct Drive (PMDD) wind turbines, which uses a unique grid-friendly technology that provides high reliability and efficiency. As of September 30, 2011, Goldwind's accumulated sales capacity of wind turbines reached over 10 GW. The company is engaged in wind turbine research and development, manufacturing and sales, turnkey wind power services and wind farm investment.
ICBC is the largest commercial bank in China and through years of strengthening its capital capability, enriching its financial products and optimizing its service network, it has developed into a large-scale international bank. ICBC focuses on customers oriented in industry policy and actively supports national construction projects aimed at furthering economic development.
