Taiwan’s Motech secures $162.2 million in financing

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Taiwan-based polycrystalline solar cell maker, Motech Industries has secured a 4.8 billion NT ($162.2 million) three-year syndicated bank loan from bank consortium led by Chang Hwa Bank, Mega International Commercial Bank Co., Ltd (Mega ICBC), and Bank of Taiwan. Other investors included First Bank Taiwan, Agricultural Bank of China Limited (ABC), and Shanghai Commercial Bank Limited.

The company said the funds will be used to repay existing loans and to continue business operations.

In 2017, Motech registered a 21.98% drop in revenue. The company sales dropped from 28,963 million TWD ($979.0 million) in 2016, to 23,189 million TWD ($783.8 million) last year.

In its financial statement for the third quarter of 2017, Motech reported that it shipped 2,394 MW of cells in the first three quarters of the current fiscal year, while its production capacity had reached 3.6 GW.

Net loss for the third quarter was 337 million TWD ($11.3 million), a considerable improvement over the loss of 693 million TWD it registered in the previous quarter, and the loss of 1,012 million it reported a year earlier. Quarterly revenue, on the other hand, improved year-on-year, from 5,104 million TWD to 6,268 million TWD.