China Financial Leasing (Sinolease) has agreed to provide the finance lease of about RMB10bn ($1.6bn) to solar power plant investor and operator United Photovoltaics Group (United PV).
United PV will use the finance lease to support its acquisitions, development, construction, operation and maintenance of solar photovoltaic power projects in the nation and abroad.
The leasing solutions that will be provided by Sinolease to United PV comprises direct lease, sale-leaseback, leverage lease and entrust lease.
Additionally, Sinolease is planning to provide financial consultation as well as financial products and services to the company.
United PV CFO Hong LI said the company focuses on putting efforts to enhance the operation of and investment in solar power plants.
"Our strengthened ties with well-established finance leasing companies will allow us to diversify financing channels besides bank loans, bond financing and equity financing, while at the same time reducing our capital-raising costs," LI added.
"The finance lease is expected to fuel the smooth development of our high-quality solar power projects."
"As a move to advance the asset-light strategy, the Agreement lays a sound foundation for our further cooperation with superb partners in the future, in terms of the leasing mode, amount as well as other terms, and also provides a continuous momentum for the sustainable development of the Company."