Solar Power Inc (OTCMKTS:SOPW), a photovoltaic project developer, announced that it has entered into a strategic cooperation framework deal with ‘Industrial and Commercial Bank of China’. As per the deal, the bank has committed to offer credit facilities to shore up business expansion plans of the company. It will support various activities including re-financing, M&A financing, project financing and other general funding needs.
As a part of the deal, the bank will link its e-commerce platform with Solar Power’s Solarbao.com platform. The new platform will cover company’s innovative and unique Solarbao investment products. They will be included in product line of online wealth management, offering a convenient way to ICBC e-commerce clients to buy Solarbao.com investment products.
The management view
Xiaofeng Peng, the Chairman of Solar Power Inc (OTCMKTS:SOPW), said that the company is delighted to associate with ICBC. It is one of the most reputed banking institutions and possesses largest retail banking client base across the globe. The strong credit assistance for ICBC will help the company to accelerate its business expansion measure. Also, the addition of Solarbao.com products on the bank’s e-commerce platform will push sales of the investment products higher as it will be accessible to ICBC’s massive customer base. Solar Power management calls it as a win-win partnership that will help the company to achieve its vision of becoming a leading global solar company.
Solar Power is a leading name in the field of photovoltaic solutions for residential, business, utility and government customers and investors. The company provides its offerings in the segment of downstream PV market including the financing, development, operation, sale and installation of residential and utility-scale solar power projects in Japan, China, Europe and North America. It also operates an online energy investment and e-commerce platform that allows investors to buy innovative and unique PV-based investment and other products.