China Merchants Bank Company and state-owned China Development Bank Company are providing as much as $10 billion in funding for three Chinese makers of solar equipment to build solar plants throughout Europe. The projects will ensure demand for their own products, which include polysilicon, wafers, cells and inverters, reports Bloomberg.
The solar companies, Goldpoly New Energy Holdings, TBEA SunOasis Co and China Technology Development Group, believe that the German government’s plan to abandon nuclear power by 2022 will drive up demand for solar power in the region.
China Development Bank has provided loans to other Chinese solar power equipment makers, including over $35 billion for clean energy projects last year.
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