Kong Sun to leverage Solarbao.com to support construction of PV power projects
Solar Power, Inc. ("SPI") (OTCBB:SOPW), a vertically-integrated photovoltaic ("PV") project developer, today announced that its wholly-owned subsidiary Jiangsu Solarbao Leasing Co. Ltd. ("Solarbao") has entered into a strategic cooperation agreement with Kong Sun Holdings Company ("Kong Sun") (SEHK:295), a Chinese company which invests in and operates PV power stations, pursuant to which Solarbao has agreed to provide finance lease services to Kong Sun's PV power system projects in China.
Under the strategic cooperation agreement, Solarbao will provide Kong Sun with an aggregate finance lease credit line in the amount of RMB 1 billion for its PV power projects in China. The exact terms of the leases, including the principal amounts, interest rates and other terms, will be set out in the definitive agreements to be entered into between Kong Sun and Solarbao in respect of the leases for the relevant PV power projects. The strategic cooperation agreement has an initial term of two years and may be extended for one year upon mutual agreement between the parties.
"We are delighted to enter into this cooperation with Kong Sun, which underscores Solarbao's collaborative ability to leverage Internet finance to support the development of PV power projects in China," said Xiaofeng Peng, Chairman of SPI. "Our innovative Solarbao.com online e-commerce and investment platform continues to gain strong market acceptance from both Chinese corporate and individual investors, and we look forward to exploring additional strategic partnerships in the months ahead."
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