Solar Power, Inc. today announced that it has signed a strategic cooperation framework agreement with Industrial and Commercial Bank of China ("ICBC").
Under the agreement, ICBC has committed to providing credit facilities to support SPI's business expansion, including project financing, re-financing, M&A financing as well as other general funding needs.
"We are delighted to partner with ICBC, one of China's most prominent banking institutions with one of the largest retail banking customer bases globally," said Xiaofeng Peng, Chairman of SPI. "With ICBC's strong credit support we will be able to accelerate SPI's business expansion plans while Solarbao.com's inclusion on ICBC's e-commerce platform will help drive sales of our Solarbao investment products to ICBC's massive customer base," continued Mr.Peng. "We believe this win-win partnership is an important step forward to realizing our vision of creating a leading global solar company."