Jiangsu-based Suntech Power Holdings Co, the world's largest solar panel maker by output, has secured support from the local government, media reports said Friday, which may help the company get out of its current predicament.
The mayor of Wuxi in Jiangsu Province, where the company is headquartered, visited Suntech on Thursday.
The company has secured bank loans totaling 200 million yuan ($31.82 million), China Business News reported Friday. The Wuxi government will also launch a basket of policies to support the local photovoltaic industry, it said.
China's photovoltaic industry has been suffering after accusations of dumping by the US, the EU and India.
In the first quarter of this year, Suntech reported total losses of $133 million, compared with total profits of $31.9 million in the same period in 2011.
Given a glut in supply as well as shrinking demand, the company decided earlier this month to shut down part of its production in China.