ET Solar to borrow USD 1.3bn from Citic Bank

Nov 4, 2011 - Chinese photovoltaic module maker ET Solar Group Corp today said it had agreed a strategic deal with China Citic Bank (SHA:601998, HKG:0998) as part of which it would receive a credit line of at least CNY 8 billion (USD 1.3bn/EUR 912m) in the coming five years.

The company said that the indicative agreement with the Nanjing branch of the bank also involved a range of other commercial and investment banking services to be provided by Citic.

Under the deal, ET Solar will be able to use the credit facility for general corporate purposes as well as for capital spending.

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