SHANGHAI, July 22 /PRNewswire-FirstCall/ -- Solarfun Power
Holdings Co., Ltd. ("Solarfun" or "the Company") (Nasdaq: SOLF), a
vertically integrated manufacturer of silicon ingots and
photovoltaic ("PV") cells and modules in China, today announced that Jiangsu Linyang
Solarfun Co., Ltd., a wholly owned subsidiary of Solarfun, has
obtained a framework credit facility in the amount of RMB7 billion, or an equivalent amount of foreign
currency, from Bank of China,
Nantong branch (the "Bank"). The contract has a term of 10
years and provides a number of credit facility options.
Specific drawdowns against this facility are subject to
internal review and approval by the Bank.
Gareth Kung, Chief Financial
Officer of Solarfun, commented, "Our longstanding relationship with
Bank of China has been an
important ingredient in Solarfun's growth and progress to date.
Visibility of customer demand remains high throughout 2010
and key customer indications give us increased confidence in the
prospect for 2011. We believe this new framework credit facility
would provide added flexibility for Solarfun to finance future
expansion plans. The demands of our customers are evolving,
including project financing, and this new facility will assist us
in meeting their needs more competitively."
About Solarfun
Solarfun Power Holdings Co., Ltd. (NASDAQ: SOLF) is a leading
manufacturer of solar PV cells and modules in China, focusing on delivering high quality and
reliable products at competitive prices. Solarfun produces its
monocrystalline and polycrystalline products at its internationally
certified, vertically-integrated manufacturing facilities. Solarfun
partners with third-party distributors, OEM manufacturers, and
system integrators to sell its modules into large-scale utility,
commercial and governmental, and residential/small commercial
markets. Solarfun maintains a strong global presence with local
staff throughout Europe,
North America, and Asia. Solarfun embraces environmental
responsibility and sustainability by taking an active role in the
photovoltaic -cycle voluntary recycling program. For more
information, visit: www.solarfun-power.com.
SOLF-G
About Bank of China
Bank of China is one of
China's four state-owned
commercial banks. Its businesses cover commercial banking,
investment banking and insurance. The Bank provides a comprehensive
range of high-quality financial services to individual and
corporate customers as well as financial institutions worldwide.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of
1934, as amended, and as defined in the U.S. Private Securities
Litigation Reform Act of 1995. Forward-looking statements
involve inherent risks and uncertainties and actual results may
differ materially from such estimates depending on future events
and other changes in business climate and market conditions.
Solarfun disclaims any obligation to update or correct any
forward-looking statements.
For further information, please contact:
Solarfun Power Holdings Co.,
Ltd.
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Paul
Combs
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V.P. Strategic
Planning
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26F BM
Tower
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218 Wusong
Road
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Shanghai,
200080
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P. R.
China
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Tel:
86-21-26022833 / Mobile: 86 138 1612 2768
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E-mail:
paul.combs@solarfun-power.com
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Christensen
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Kathy
Li
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Tel: +1 480
614 3036
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E-mail:
kli@ChristensenIR.com
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Roger
Hu
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Tel:
+86 158 1049
5326
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E-mail:
rhu@ChristensenIR.com
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SOURCE Solarfun Power Holdings Co., Ltd.