Taiwan’s URE handed $335 million syndicated loan

Taiwan’s vertically integrated solar manufacturer United Renewable Energy has secured a syndicated loan of TWD 10.13 billion (US$334.8 million).

The newly formed company, born through the merger of NSP, Gintech, and Solartech, said the funds were provided by a group of Taiwanese lenders including First Bank, Taiwan Cooperative Bank, Mega International Commercial Bank, CTBC Bank, Shanghai Commercial and Savings Bank, Agricultural Bank of Taiwan, Land Bank of Taiwan and Taiwan Business Bank.

“URE has integrated the solar supply chain, and is in the stage of transforming to focus on system and branded module business,” said URE chairman Sam Hong.

URE has also published its first monthly financial figures, on NSP's website. Total revenues for October 2018 reached TWD 1.93 billion ($62.7 million),which it up 89.25% from TWD 1.02 billion in September and 52.14% from TWD 1.27 billion in October 2017, it says. These figures are assumed to be the combined figures for NSP, Gintech and Solartech.

As for the first 10 months of this year, turnover was said to have totaled TWD 10.03 billion, which represents growth of 23.54% compared to TWD 8.12 billion in the same period of 2017.

“The significant increase was a result of higher shipment in module and system, as well as sales of solar system projects, this shows that transformation of business model from solar cell manufacturing and sales to brand oriented module and system business are very effective,” URE said in its statement.

Neo Solar Power, Gintech Energy Corp and Solartech Energy Corp announced their intention to merge into a single entity and create a giant Taiwanese manufacturer last October.