Lightway Solar has received a loan of approx US$11.2 million from China Development Bank (CDB) Hebei Branch.
The company will use the loan to develop the first phase of a distributed photovoltaic (PV) power station project in Baigou, Hebei province. The 9.645MW facility has been connected to grid since July 1.
The facility is expected to deliver 20 MW. The power will be supplied to local community and the surplus power will be sold to the grid. The completed facility will be capable of delivering power to 3 million recipients connected to the grid.
According to Lightway Solar chairman Wei Qiang, the loan from CDB represents an entirely new method of funding for Lightway Solar as well as a steady source of capital for Lightway Solar’s Baigou project.