China Sunergy secures USD$160 million financing

Share

The facilities, which will reportedly be used to help fund the Chinese company’s growth, will come in the form of both short- and long-term loans.

Specifically, the funds will be put towards expanding the company’s cell capacity. Elaine Li, China Sunergy’s senior investor relations manager told pv magazine that the expansion is currently under construction. Overall, capacity will be increased from 400 megawatts (MW) to 600 this year.

Furthermore, she said the company will add another one gigawatt of cell capacity in 2012. A new plant will be established in China's Yangzhou City.

"The loan package is a vote of confidence from one of China's largest and most influential banks, validating China Sunergy's industry-leading technology, strong research and development team, and the market potential of our home country, China," commented CEO Stephen Cai.

In terms of the company's strategy for dealing with the current weak market conditions, Li said that China Sunergy is focusing on three key factors.

"Number one," she explained, "we are entering into new markets and also further exploring existing markets to enlarge our customer base and strengthen our brand; number two, we are reducing cost from both material and technological and operational sides; number three, we will continue the research on high efficiency cells and launch commercially from Sep to market to meet the market demand and improve our margin level."

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Share

Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.