Short Term Borrowings

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Short Term Borrowings

12. Short term borrowings

On December 3, 2014, the Company and China Minsheng Bank (“CMB”) entered into a Loan agreement, whereby CMB provided the Company a loan of $ 5,646 (equivalent to RMB35,000) at an interest rate of 5.88% per annum, which would mature on December 3, 2015. The Company pledged its bank financing product (included in the “Short-term investment”) issued by CMB of $19,358 (equivalent to RMB120,000) as collateral. After the bank financing product matures on May 22, 2015, the cash will be transferred into the Company’s bank account and CMB still keeps custody of this account until the repayment of the loan by the Company.

On December 29, 2014, the Company and Bank of Suzhou (“BOS”) entered into a loan agreement, whereby BOS provided the Company a loan of $ 32,181 (equivalent to RMB200,000) at an interest rate of 7% per annum, which was repaid in February 2015.

On December 31, 2014, the Company and CMB entered into a loan agreement, whereby CMB provided the Company a loan of $ 9,654 (equivalent to RMB60,000) at an interest rate of 5.6% per annum, which was repaid in advance in January 2015.

On March 31, 2015, the Company and CMB entered into a Loan agreement, whereby CMB provided the Company a loan of $48,395 (equivalent to RMB300,000) at an interest of 5.6% per annum, which will mature on September 30, 2015.

As discussed in Note 1— Description of Business and Basis of Presentation, the Company received $8,619 (RMB53,429) from the individual investors through Solar Energy’s online platform during the three-month period ended March 31, 2015 at fixed interest rates ranging from 8.0% to 10.3% per annum. The funds received from these investors were used in purchasing of solar panels for SPI’s self-owned and third party developed PV projects at the investors’ choices. The investors could withdraw their principle on their demand after 0 to 720 days from the date of their initial investment.