Hanergy secures 30 billion yuan credit line

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The headquarter of Hanergy in Beijing.  

China Development Bank agreed Wednesday to extend Hanergy Holding Group, one of China's largest privately owned energy companies, a credit line worth 30 billion yuan over the next five years to help the company build photovoltaic and hydroelectric power stations in China and expand overseas.

Huang Mengfu, vice chairman of the Chinese People's Political Consultative Conference and chairman of the All-China Federation of Industry and Commerce, Chen Yuan, president of China Development Bank, Gao Jian, vice president of China Development Bank, Li Hejun, Hanergy's board chairman, and Hanergy president Wang Yong attended the signing ceremony.

The agreement comes as Hanergy launches a strategic cooperation with the bank on clean energy. The loan aims to support Hanergy's global development of hydropower, wind power and solar power and allow the company to introduce state-of-the-art solar power generation technology from around the world. The credit line marks a big vote of support for one of China's top new energy enterprises, thrusting it into a leading role in the global market. The cooperation will also benefit small and medium-sized enterprises in upstream and downstream sectors of the company's supply chain and boost the development of the solar power industry in China.

As one of the leading banks offering medium and long-term financing, China Development Bank aims to strengthen the nation and improve the lives of the people. In recent years, the bank has implemented national macroeconomic policies to increase support to energy conservation and environment protection firms and accelerate the restructuring of China's economy. By the end of September 2011, the bank had granted loans totaling 154.3 billion yuan to the energy conservation businesses, becoming a leading bank supporting these sectors.

Hanergy is China's largest privately owned clean energy company and the first to integrate the supply chain for thin-film solar energy. Hanergy has always emphasized innovative technology and R&D, and has continually acquired emerging technologies from around the world to plug gaps in domestic knowhow. Hanergy has also been working hard worldwide to develop power plants that keep the lights on in homes and the factories churning out the commodities people need. Presently, the group has signed construction agreements for solar power plants in Inner Mongolia, Ningxia, Jiangsu, Hainan, Shandong, Hebei and other provinces in China, as well as in several European countries, with a combined capacity of 4 gigawatts.

Li Hejun, board chairman of Hanergy, said China Development Bank has played an important role in promoting the development of the company. He said the bank has offered great financial support to Hanergy whenever it is faced with critical moments in its development, including the following projects: the Guangdong Mujing Hydropower Station, the first hydropower plant independently constructed by Hanergy; the Jiangsu Rudong Wind Farm, the first national wind power concession pilot project and Asia's largest offshore wind farm; Yunnan Jin'anqiao Hydropower Station, which has a total installed capacity of 2.4 million kilowatts and was put into operation this year; and the photovoltaic power R&D base in Heyuan, Guangdong, which will be put into operation soon. The bank has demonstrated ample professional expertise and insight into the energy market and its strategic transformation and has shown its confidence in privately owned enterprises. With the full support of the bank, Hanergy will continue to pioneer path towards a greener future, doing its part to promote the development of clean energy and reduce emissions in China and around the world.

About Hanergy Holding Group Ltd.

Hanergy Holding Group Limited is China's largest non-state-owned clean energy enterprise and the head institution of the New Energy Chamber of Commerce under the All-China Federation of Industry and Commerce. Headquartered in Beijing, it has branches in more than 10 provinces in China as well as in the US, UK and the Netherlands. Hanergy has a total hydropower capacity of 6 gigawatts from its finished and currently constructing establishments. The company has also invested in production facilities in Guangdong and Sichuan provinces utilizing photovoltaic technology with a potential capacity of 3 gigawatts.

Hanergy has become a comprehensive clean energy enterprise involved in such projects as the research and development of new technology, the production of high-end equipment and photovoltaic cells, the construction and operation of photovoltaic power stations, and the investment in power generation facilities and related services.

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