March 21 China-based ReneSola Ltd
received a 320 million Chinese Yuan ($50.9 million) loan from
China Development Bank Corp, in the latest instance of
the Asian country's support for heavily-indebted solar
The company had total debt of $790.2 million and cash and
equivalents of $268.1 million, as of December.
"This funding will support our operations in China, a market
in which we saw encouraging growth in the fourth quarter of last
year," Chief Executive Xianshou Li said in a
Beijing's plans to double its installed solar power capacity
this year has propelled an increasing number of Chinese solar
companies to look homeward to boost shipments.
Chinese lenders and government organizations have supported
solar players amid a general reluctance to allow credit
The local government in Suntech Power Holdings Co Ltd's
home town is seeking to bail out the Chinese solar panel
maker, despite an insolvency petition filed for its main unit by
a group of the company's lenders.
Companies, including LDK Solar Co Ltd and Hanwha
SolarOne Co Ltd, have received loans from Chinese
ReneSola, with a market capitalization of $138.95 million on
Wednesday, said the loan agreement was for 15 years.
The company doubled its fourth-quarter shipments on
increased demand from China, but reported its sixth straight
quarterly loss last week as panel prices remained sluggish.
Solar companies have been hit by a steep fall in panel
prices that resulted from rapid capacity expansion in China and
top solar market Europe's withdrawal of generous subsidies for
the fledgling industry.
Shares of ReneSola have fallen about 25 percent since it
reported its forth-quarter results to close at $2.84 on
Wednesday on the New York Stock Exchange.