China Sunergy secures USD$160 million financing


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."

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