ReneSola Ltd, the AIM-traded manufacturer of solar wafers for use by the solar power industry, has announced that its wholly owned subsidiary, Sichuan ReneSola Material Co, has secured RMB800 million (£83 million) from China Construction Bank. 

ReneSola Ltd, the AIM-traded manufacturer of solar wafers for use by the solar power industry, has announced that its wholly owned subsidiary, Sichuan ReneSola Material Co, has secured RMB800 million (£83 million) from China Construction Bank.

The company will use the financing to build a polysilicon production facility in Meishan, Sichuan province. Charles Bai, CFO of ReneSola, said: “The agreement, combined with previously acquired financing, provides ReneSola with approximately 90 per cent of the capital necessary to fund the project to completion.

“Our ability to secure capital in a tight credit environment demonstrates confidence in the development and operation of our polysilicon facility and faith in our management team’s track record of delivering positive results.”

In the third quarter of 2008, the company reported net revenues of US$215.8 million, an increase of 197 per cent on the $72.5 million generated during the corresponding period in 2007.

The company has said that large-scale, cost-effective manufacturing and strong technology development capabilities have transformed it into one of the largest wafer manufacturers and one of the four fastest-growing TMT companies in China.

In November, ReneSola was named fourth-fastest-growing Chinese technology company in the Deloitte Technology Fast 50 China 2008. The rankings were based on average revenue growth rates over the past three years.