ReneSola Ltd("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar photovoltaic ("PV") modules and wafers, announced it has signed a RMB320 million (approximately US$50.9 million) 15-year loan agreement with China Development Bank.
"This funding will support our operations in China, a market in which we saw encouraging growth in the fourth quarter of last year," said Mr. Xianshou Li, ReneSola's chief executive officer. "Our ability to secure additional capital amid weak macro conditions and a tight credit environment speaks to our healthy overall financial position, as well as to the ability of our management team."
