Suntech said to get urgent loans from local banks in China

Suntech has received an emergency loan from banks in Wuxi, Jiangsu province, where the world’s largest PV manufacturer is based, according to a local press report.

Invited by Recharge to verify or deny the report, Suntech declined to comment.

Suntech has received 200m yuan ($31.8m) from local Wuxi banks, according to China Business News, which is owned by the Shanghai government.

The report comes as the politically-charged rhetoric over how various governments support their solar champions continues to intensify.

China Development Bank (CDB) is said to be poised to prioritise loans to a dozen of the country’s leading solar companies, with the intention of strengthening the strongest players while effectively letting smaller, less competitive players wither on the…

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