Dongguan Anwell Receives Funds to Build Solar Unit in China

Anwell Technologies subsidiary Dongguan Anwell Digital Machinery has received CNY700m ($108.6m) to build a new thin film solar panel manufacturing unit in Dongguan, China.

The company received the loan from the municipal government of Dongguan, which will now become a 19.5% stake holder in Dongguan Anwell.

Five years after the investment, the government will have an option to sell its shares in Dongguan Anwell to Anwell at cost plus interest.

In addition to this investment, the company has recently received CNY1.2bn ($186.2m) in long-term finance for the second thin film solar panel plant in Dongguan and expansion of Anyang thin film solar panel plant from the municipal governments of both cities.

Anwell plans to increase its production capacity to 1.5GW in the next five years.