Chinese thin-film solar developer ENN Solar is bringing in international funding for its first manufacturing plant. The International Finance Corp (IFC), which is part of the World Bank and invests in developing countries, announced yesterday that it will arrange for up to $136 million in financing for the solar company. The IFC said it’s aiming to help drive down prices for solar power with this latest deal.
ENN Solar is part of the XinAo Group, a natural gas company that moved into the solar market last November with a deal for production equipment from Applied Materials. The company plans to use amorphous silicon at its first plant in Langfang, which will be able to pump out 60 megawatts of solar photovoltaic modules per year when it’s complete; ENN plans to eventually expand that to 500 MW of capacity.
Thin-film solar makers have received significant financing over the past few months as they move into commercial production. San Jose, Calif.’s SoloPower pulled in $200 million in funding and Nanosolar, also based in San Jose, grabbed an extra $300 million. Industry leader First Solar, headquartered in Tempe, Ariz., is already moving in on the U.S. residential market, making a deal with Foster City, Calif., installer SolarCity.
IFC said the financing package for ENN Solar will include a $45 million loan, a purchase of a stake in the company for up to $15 million, and additional syndicated loans from other lenders of up to $76 million. The IFC said the equipment for ENN Solar’s plant is still being installed, and the first commercial production is scheduled for the second quarter of 2009.
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