StanChart (China) lends US$57 mln to Trina Solar
Published: 28 Jun 2009 23:21:22 PSTJun. 29, 2009 (China Knowledge) - Standard Chartered Bank (China) Co Ltd last week announced that it has signed an agreement to extend a US$57-million credit line to NYSE-listed Trina Solar Ltd<TSL>, a China-based manufacturer of mono-crystalline ingots and wafers for solar modules. Standard Chartered China will provide financial support to Trina Solar through its financing products and foreign exchange hedges, according to the bank's statement. Trina Solar will use the credit line to buy raw materials and boost sales, said Terry Wang, the firm's chief CFO. The credit line will give the firm more flexibility in cash flow and more liquidity, he explained. Standard Chartered China has adjusted its enterprise loan approval process, taking into consideration environmental protection and sustainable development criteria in line with the bank's goal of contributing to China's low-carbon economy, said a representative of Standard Chartered China. Copyright © 2009 www.chinaknowledge.com |
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