July 7, 2014 - Lightway Solar and its wholly-owned subsidiary Baoding Guangdong New Energy Company Limited announced on July 3 that the company has signed a fifteen-year 70 million yuan (US$11.2 million) loan agreement with China Development Bank (CDB) Hebei Branch. The lending organization has already officially granted the loan.
The loan will be used for the first phase - a 9.645MW facility - of a distributed photovoltaic (PV) power station project in Baigou, Hebei province. This facility is being developed and built by Lightway Solar, and has been formally connected to the grid since July 1, 2014. When all phases of the project are completed, the facility will deliver 20MW. The project is based on a model where the power generated will be primarily consumed by local users and any unused electricity will be available for sale to other entities connected to the grid. The completed facility will be capable of delivering power to 3 million recipients connected to the grid.
Lightway Solar Chairman Wei Qiang said, "The form of cooperation we have received around the financing for this project provides an entirely new method of funding for Lightway Solar as well as a steady source of capital for Lightway Solar's Baigou project. Lightway Solar is committed to the journey down a sustainable green road and explore the opportunities for more quality PV distributed power stations that provide green lives for one and all, while, at the same time, providing steady and continuous benefits to investors."