China gov’t backs up funding for An Yang solar projects.
The almost RMB500 mn fund is expected to increase solar panel capacity for Anwell.
Singapore, June 21, 2011 - (ACN Newswire) - Anwell Technologies Limited ("Anwell"), has secured a total of RMB700 million in long-term funding for its subsidiary, Henan Sungen Solar Fab Co., Ltd. from the Municipal Government of An Yang City (the "Municipal Government") in Henan Province of China. The RMB700 million funding comprised of financial support of RMB200 million cash funding and a Government-backed guarantee provided of up to RMB500 million for bank financing. The funds will be utilized for ramping up the production capacity of the Group's thin film solar manufacturing plant in An Yang.
"We are thankful for the vote of confidence from the Municipal Government for our An Yang plant. This long term funding will allow us to increase our group's solar panel capacity to meet the increasing global demand for thin film solar panels. With the continuing support from the PRC Government, we target to increase our group's solar panel capacity to 1.5GW within 5 years," said Franky Fan, Executive Chairman & CEO.
"Leveraging on our unique in-house equipment and R&D capabilities, we are confident that this investment will further strengthen the Group's position in the global solar market and put us on a long term growth trajectory."
In addition to this long-term funding for the An Yang plant, Anwell is also engaging separate discussions with the local government of another city in China for the funding of its second thin film solar panel production plant. Anwell will make a separate announcement in a timely manner once the discussion is finalized.
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