ReneSola gets $51m CDB loan

Module and wafer manufacturer ReneSola has secured a 320m yuan ($51m) 15-year loan from China Development Bank (CDB).

The company says the finance will support its operations in China itself, “a market in which we saw encouraging growth in the fourth quarter of last year.”

ReneSola becomes the latest of China’s solar groups to turn to the state-owned CDB, which last year was reportedly asked by the country’s government to come up with a plan to support the strongest performers in the sector.

LDK Solar and JinkoSolar are among the others to obtain finance from CDB in recent months.

Chinese government support for its solar industry is particularly in the spotlight at present due to the problems of Suntech, until recently the country’s PV industry flagship firm, which may need state help to survive.