China Merchants' subsidiary signs contract with CDB

(Ecns.cn)--A subsidiary of China Merchants Group (CMG), the major share holder of China Merchants Holdings and China Merchants Bank, inked a financial cooperation agreement with China Development Bank (CDB) Wednesday, the bank announced Friday.

In the following four years, CDB will provide financing of 10 billion yuan (US$1.5 billion), supporting the subsidiary to build and operate solar power stations at home and abroad, and to develop the new energy industry, according to the terms.

The subsidiary mainly focuses on the designation, construction and operation of solar power stations. Besides cooperation with CDB, it will also set up a joint venture with GCL-Poly, a leading global polysilicon and wafer supplier, to build and run solar power stations in China, the United States and Europe.

The participation of CDB will further strengthen comprehensive cooperation on the subsidiary and GCL-Poly, said Li Yuan, CEO of the subsidiary.