Shunfeng obtains $3.25bn credit line

China's Shunfeng Photovoltaic International has secured a 20 billion yuan ($3.25bn), two-year credit line as part of a strategic cooperation agreement with China Minsheng Banking’s (CMBC) Shanghai branch.

The arrangement will be automatically extended for an additional year if neither party terminates the deal after the first 24 months.

Shunfeng will "work closely with CMBC to enhance the forward planning of the group’s financing needs for its business development," according to a statement on the Hong Kong stock exchange.

In July, Changzhou-based Shunfeng — which owns Wuxi Suntech, the former production unit of bankrupt solar panel supplier Suntech Power — signed a three-year credit facility of up to 2 billion yuan from China Merchants Bank.

The company,which has become a major PV module supplier since acquiring Wuxi Suntech, announced plans in May to issue HK$6bn ($770m) of new shares to raise funds to develop PV projects and expand its EPC business.