China's leading clean energy maker Hanergy has signed a strategic framework with China Minsheng Banking Corp., and the Asia Financial Cooperation Association (AFCA), which will entitle the Beijing-based company to 20 billion yuan (US$3.28 billion) of financial support in the next three years.

The strategic partnership will ease pressure on Hanergy's cash flow as it continues to expand its businesses in the photovoltaic (PV) and hydropower sectors.

Under the deal, Hanergy will receive extra financial assistance from the two institutions through direct financing, indirect financing and other new financing tools. The fund will primarily be used to integrate the PV industry chain and build more clean energy manufacturing bases.

At the signing ceremony, held on Wednesday in Beijing, Hanergy's chairman Li Hejun said that the company has been "dedicated to changing the world through clean energy."

Following three previous international acquisitions of Solibro, MiaSolé and Global Solar Energy (GSE), Hanergy is now a leader in thin-film solar panel technologies, which are capable of a solar-electricity conversion rate of 15.7 percent, according to Li.

Shi Jie, assistant to the governor of Minsheng Bank, said funding private enterprises is one of the bank’s traditions.

"In the wake of the latest financial crisis, major world powers are resorting to new energies to power their economic recoveries. Minsheng Bank should also take advantage of this opportunity, by providing more financial support to China's new energy sector, to help our bank grow," he said.

Huang Rong, vice chairman of the All-China Federation of Industry and Commerce, said that balancing growth and environmental protection has become a top priority as China undergoes an economic transformation and structural upgrade.

"With such huge credit, companies such as Hanergy are able to strengthen their research, development and manufacturing of clean energy products," Huang said, calling the deal a “model for cooperation between banks and companies in the clean energy sector."

The AFCA is a regional financial cooperation organization made up by small and medium-sized banks and non-bank financial institutions. It was launched in April 2014, following the lead of Minsheng Bank, Baoshang Bank (BSB) and Harbin Bank.

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