According to Shunfeng Photovoltaic this is primarily attributable to a significant increased shipment volume of solar photovoltaic (PV) cells during the period, the contribution of Wuxi Suntech Power Co. Ltd. after completion of its acquisition, and the contribution of its solar power generation business.

China Merchants Bank provides credit facility of up to RMB 2 billion

Shunfeng also announced that, Jiangxi Shunfeng Photovoltaic Investments Co. Ltd., a wholly-owned subsidiary of the Company, entered into a credit facility agreement with China Merchants Bank Co. Ltd. on July 18th, 2014.

Pursuant to the agreement, CMB agreed to provide a 3-year revolving integrated credit facility of up to RMB 2 billion (approx. USD 324 million) to Jiangxi Shunfeng. The Company and its subsidiaries intend to use the credit facility for the development and construction of solar photovoltaic (PV) projects.