ReneSola Ltd (NYSE: SOL), a Chinese manufacturer of solar
wafers, today announced that its subsidiary Sichuan ReneSola
Material Co. Ltd. signed a ive-year project loan RMB800 million (approximately US$117 million) to support the construction of a new polysilicon facility in Sichuan province.
The loan agreement is with the Sichuan branch of the China Construction Bank.
"The agreement, combined with
previously acquired financing, provides ReneSola with approximately 90% of
the capital necessary to fund the project to completion," Charles Bai,
ReneSola’s CFO, said.
Pilot production for phase one of the facility is expected to begin towards the end of 2Q09 and phase two pilot production is expected to
commence late in 3Q09. Each phase will consist of
1,500 metric tons ("MT") of polysilicon production.
The Sichuan facility is meant to provide
ReneSola with a stable and low-cost source of polysilicon feedstock for its solar wafer business.
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