NANJING, China, November 4, 2011 /PRNewswire/ --
ET Solar Group Corp. ("ET Solar"), a China-based vertically integrated producer and provider of Photovaltaic ("PV") modules and related solutions to the global solar market, today announces a strategic alliance agreement with China CITIC Bank, Nanjing Branch ("CITIC").
Under the indicative agreement, CITIC will provide, in the next five years, a credit facility of no less than RMB8 billion (or US$1.27 billion) to ET Solar for both general corporate (including but not limited to working capital and trade finance) and capital expenditure purposes. The agreement also covers various other commercial and investment banking services that CITIC will provide to ET Solar.
Mr. Dennis She, Chief Executive Officer of ET Solar, commented: "With credit support and other banking services that the bank provided to us in the past 3 years, ET Solar has established a strong tie with CITIC, a leading financial powerhouse in China and one of our house banks. This strategic agreement is taking our relationship to the next level and positioning us advantageously in capturing the overall market growth and accelerating our strong momentum in European system business development."
Mr. Shijing Jiao, President of China CITIC Bank Nanjing Branch, added: "The agreement demonstrates our conviction of the strong viability of ET Solar's downstream driven business model, our long term commitment to the PV industry, and the full fledged banking services that we are capable of providing to our core customers."
About ET Solar
ET Solar is a China-based vertically integrated producer and provider of solar modules and related PV solutions to the global solar market. With local sales and marketing subsidiaries and offices in Asia, Europe, and North America, ET Solar has provided solar modules, turnkey solutions services and PV balance of system components to its customers in over 50 countries. To learn more about ET Solar, visit http://www.etsolar.com.
China CITIC Bank is one of China's top lenders in terms of total assets. Established in 1987 and subsequently listed on Hong Kong Stock Exchange, China CITIC Bank is a large commercial bank that provides both domestic and cross border financial services. It has a domestic network of more than 400 branches and has established correspondent relationships with more than 900 banks in more than 70 countries around the world.
SOURCE ET Solar Group Corp.