San Francisco, United States [RenewableEnergyWorld.com] Suntech Power Holdings Co. Ltd. has satisfied the conditions precedent to draw down the convertible loan facility with IFC, a member of the World Bank Group, and has drawn down the full $50 million amount of the facility.
Under the terms of the loan facility, IFC has the option to convert the loan to Suntech’s American Depository Shares (ADS) at any time prior to maturity at an initial conversion price of $18.00 per ADS. Proceeds from the facility will be used to support Suntech’s transition to the high efficiency Pluto technology and debt financing requirements.
“We are pleased to cement our partnership with IFC to advance the adoption of solar energy as an instrument for sustainable global change,” said Dr. Zhengrong Shi, Suntech’s Chairman and CEO. “We view this loan agreement as a strong endorsement of Suntech’s business model and leadership role in furthering the world’s transition to renewable energy sources.”