Suntech Power Holdings signs $50m loan agreement with IFC
2nd July 2009
Suntech Power Holdings, a manufacturer of silicon photovoltaic modules, has signed a $50m convertible loan agreement with IFC, a member of the World Bank Group.
The loan will support Suntech’s transition to the high efficiency Pluto technology and debt refinancing requirements.
‘We are pleased that IFC, a world class investment institution that supports sustainable development, has agreed to provide Suntech with a convertible loan of $50m,’ said Dr Zhengrong Shi, Suntech’s chairman and CEO. ‘These additional funds will strengthen Suntech’s financial position and support our transition to the high efficiency Pluto technology as we progress towards our goal of providing grid parity solar solutions.’
Randall Riopelle, manager of global manufacturing & services department, added, ‘IFC is pleased to support Suntech, one of the leaders in the solar PV industry. We are pleased to be partnering with a company focused on developing best in class technology and which has demonstrated a firm commitment to the highest corporate responsibility standards. We look forward to working with Suntech as solar energy becomes an increasingly important source of renewable energy for China and for the world.’
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