Solar Power In Strategic Cooperation With Kong Sun Holdings

(RTTNews) - Solar Power Inc (SOPW.OB), a photovoltaic project developer, on Monday said its subsidiary Jiangsu Solarbao Leasing Co Ltd has entered into a strategic cooperation agreement with Kong Sun Holdings Co, pursuant to which Solarbao has agreed to provide finance lease services to Kong Sun's PV power system projects in China.

Kong Sun Holdings is a Chinese company which invests in and operates PV power stations.

Under the strategic cooperation agreement, Solarbao will provide Kong Sun with an aggregate finance lease credit line in the amount of RMB 1 billion for its PV power projects in China.

The exact terms of the leases, including the principal amounts, interest rates and other terms, will be set out in the definitive agreements to be entered into between Kong Sun and Solarbao in respect of the leases for the relevant PV power projects.

The strategic cooperation agreement has an initial term of two years and may be extended for one year upon mutual agreement between the parties.