Wuxi, China [RenewableEnergyWorld.com] Suntech Power Holdings Co. Ltd. announced that it has completed the final round of its US $100 million in aggregate purchase of a minority interest in Nitol Solar. In conjunction with the completion of the transaction, Suntech also announced that it is pleased with the test results from the initial batches of polysilicon that it has received from Nitol.
Suntech’s completion of its minority investment in Nitol Solar comes as it was recently announced that a US $50 million equity investment in and US $25 million loan to Nitol Solar from International Finance Corporation (IFC), a member of the World Bank Group. Funds raised from both Suntech and IFC will help Nitol Solar to continue the on schedule construction of its new production facilities in Irkutsk, Russia and achieve its projected annual polysilicon capacity of 3,700 tons in 2009.
“We are pleased to cement our strategic partnership with Nitol and jointly advance the adoption of solar energy as an instrument for sustainable global change,” said Dr. Zhengrong Shi, Suntech’s chairman and CEO. “This alliance supports our diversified polysilicon procurement strategy to increase visibility on supply while driving towards grid parity.”