NorSun raises €169m in funding to develop solar activities in Norway

11 March 2009

NorSun, a Norwegian renewable energy company, has raised NOK 1.15bn (€169m) to expand its solar silicon ingots and wafers business. The investment round was led by Good Energies, subscribing for 50 per cent of the equity offered, with additional investments by Scatec, and Norsk Hydro.

The company raised NOK500m (€56m) in equity, NOK650m (€73m) in a five-year bank loan and NOK450m (€51m) in bank guarantee lines. All major shareholders participated in the private placement and DnB NOR and Nordea Bank Norge provided the entire credit and guarantee facility.

‘NorSun’s development is very promising and we continue to support the company’s growth for the long-term – with this renewed commitment we send a clear signal in these challenging economic times,’ said Sven Hansen, CIO of Good Energies.

Jon Hindar, CEO of NorSun, added, ‘We are pleased to have successfully secured new financing in the current financial climate. This underscores that our principle owners and main banks share our confidence in NorSun’s technology and expansion projects. With this financing in place, we can take the next step to become the supplier of choice for the high efficiency segment of the solar energy market.’

The company will use the funds to ramp up production rates at its facility in Ardal, Norway and enter the next phase of R&D activities.

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Tags: solar

This story was published on Wednesday, March 11th, 2009 at 10:42 am and is filed under Europe, deals, solar. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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