Mainland auto manufacturer BYD Co., Ltd. has secured a new 1-billion-real (US$296 million) line of credit to expand its business in Brazil, the Xinhua news agency reports.

The financing arrangement will allow BYD to continue manufacturing electric buses and solar panels, the Chinese government-run news agency reports. A single electric bus costs 1 million reais whereas a fossil-fuel powered bus costs 400,000 reais to make.

BYD has a plant in Campinas, in the state of São Paulo, and will open a solar panel plant next to it in February, says Xinhua. Eleven electric buses and five electric taxis from BYD are operating in Campinas.