Suntech, Trina Solar Secure Access to $11.7B in Loans

Two of China’s biggest solar companies signed agreements with China Development Bank (CDB) giving them access to 80 billion yuan ($11.72 billion) in loans, according to a Reuters report.

Suntech Power Holdings (NYSE: STP) will have access to 50 billion yuan ($7.33 billion) over five years. A company spokesperson said the funds were not tied to specific projects, but could be used for capacity expansion. 

Trina Solar (NYSE: TSL) signed a similar, non-binding agreement for 30 billion yuan ($4.40 billion) through 2015. Trina Solar’s Chief Financial Officer Terry Wang said the company hopes to increase its share of the global solar market to 9% in 2010, up from 6.2% in 2009.

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