ShunfengHoldings, a wholly-owned subsidiary, will obtain the funds from HK Bank.

The fundswill primarily be used to build PV plants, Shunfeng said in a filing to the Hong Kong stock exchange.  

Shunfeng has “tentatively”emerged as the leading candidate to make a strategic investment in Suntech, a statementby the Wuxi municipal government said this week.

Wuxi Suntech was forced into bankruptcy in March.

Parent group Suntech is struggling to regain stability and restructure financially after defaulting on  $541m worth of bonds and losing its former status as world’s biggest supplier of PV modules.