ET Solar, CITIC Bank sign strategic alliance agreement
China-based ET Solar Group has signed a strategic alliance agreement with China CITIC Bank, Nanjing Branch (CITIC).
Under the indicative agreement, CITIC will provide, in the next five years, a credit facility of no less than CNY8bn ($1.27bn) to ET Solar for both general corporate and capital expenditure purposes.
The agreement also covers various other commercial and investment banking services that CITIC will provide to ET Solar.
China CITIC Bank Nanjing Branch president Shijing Jiao said the agreement demonstrates its conviction of the viability of ET Solar's downstream driven business model.
ET Solar is a vertically integrated producer and provider of solar modules and related photovoltaic solutions to the global solar market.
China CITIC Bank is a large commercial bank that provides both domestic and cross border financial services.
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