Neo Solar Power subsidiary signs $167m loan agreement to develop 100 MW solar in Taiwan

Neo Cathay Pacific, which is a joint venture between Neo Solar Power and Cathay Life Insurance, has, via its own subsidiary Si One Corp, secured NT$5bn syndicated loan to develop 100 MW of solar projects in Taiwan.

Neo Cathay, co-invested by Cathay Life Insurance and Neo Solar Power Corp., will join these efforts to promote the development and implementation of solar and renewable energy technology.

Image: Neo Solar Power

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Si One and Da Li Energy, which are 100%-owned subsidiaries of Taiwanese solar cell manufacturer Neo Solar Power (NSP), have secured a NT$5 billion ($167 million) syndicated loan for the development of 100 MW of solar PV capacity in Taiwan.

The agreement, signed between Si One Corp – a subsidiary of Neo Cathay Power Corp., which is a joint venture (JV) between NSP and Cathay Life Insurance – and Da Li Energy sees a collection of Taiwanese banks back the firm’s solar venture.

Fubon Bank, Shin Kong Bank, Bank SinoPac and Chang Hwa Commercial Bank are the syndicated backers of the loan, which is a five-year facility with the option for two, five-year extensions.

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“With NSP and Cathay Life’s cooperation, Neo Cathay would be devoted to the development, construction and acquisition of solar systems in Taiwan,” said NSP president Andy Shen.

“In addition, we believe that having these funds and strong support from Taiwan Government’s policy to renewable energy will help to increase the speed and scale of both NSP and Cathay Life’s solar systems installation.”

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