Infrastructure programme manager, Chris Orr, told the Economic Development, Environment and Infrastructure Scrutiny Panel: "We've pulled together a proposal based on the previous scrutiny panel recommendations.
"We've had discussions with Salix and they've offered us 99.8% of the overall total of the funding bid.
"That's an interest free loan of £2.49m. The council is looking to put in the remaining 0.2% of the value of the bid, which is £4,000."
Mr Orr added that the 8-year payback period also presented a better value for the council than had been anticipated.
"It's about 33% better than it was from the initial estimations," he said.
Dave Carter, head of transport and infrastructure, said the deal represented a number of benefits to the council.
About Shenzhen Riyueguanghua Lighting:
Shenzhen RIYUEGUANGHUA Technology Co., Limited is a professional LED light manufacturer
since 2013. which is specializing in research, manufacturing and sales of LED lighting products.
Factory building covers an area of 1500 square meters. Equipped with advanced production
facilities and production lines of tube light, par lamp, spotlight and outdoor lighting. Rely on
quality to survive, innovation to develop. Aim to "customer first, quality first, reputation first,
service first". Unremittingly strive to be the most professional LED enterprise with proactive
and innovation, based on excellence and refinement of work principle.