Thursday, November 6, 2008

IFC channels USD136 mln into ENN Solar Energy in N.China

BEIJING, Nov 05, 2008 (Xinhua via COMTEX) -- International Finance Corporation (IFC) recently announced that it would arrange for 136 million U.S. dollars to finance China's first thin-film solar module production plant of ENN Solar Energy Co., Ltd.

This financing package includes 45 million U.S. dollars loan from IFC, 76 million U.S. dollars from syndicated loans and 15 million U.S. dollars as IFC's equity investment.

Situated in Langfang of North China's Hebei Province, this thin-film solar module program has planned overall investment of 14 billion yuan to build nine production lines in three phases.

The first production line is expected to come into commercial production in the second quarter of 2009 with annual production capacity at 600 MW.

IFC investment is aimed to help reduce the production cost of solar power generation and stimulate the development of Chinese photovoltaic market, according to IFC.

Earlier this year, ENN Group, parent of ENN Solar Energy, announced a plan to introduce automatic production line of Applied Materials Inc. (AMAT.Nasdaq).

Founded in 1989, ENN Group is one of China's major private town gas operators with total assets exceeding 20 billion yuan as of yearend 2007.

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