NorSun completes financing for expansion projects
NorSun has raised NOK 1.15 billion in new financing to expand production of silicon ingots and wafers for high efficiency solar cells.
“We are pleased to have successfully secured new financing in the current financial climate. This underscores that our principal owners and main banks share our confidence in NorSun’s technology and expansion projects. With this financing in place, we can take the next step to become the supplier of choice for the high efficiency segment of the solar energy market”, says Jon Hindar, Chief Executive Officer of NorSun AS.
The company raised NOK 500 million in equity, NOK 650 million in a five year bank loan and NOK 450 million in bank guarantee lines. All major shareholders, participated in the private placement and the entire credit and guarantee facility was provided by DnB NOR and Nordea Bank Norge AS.
The funds will provide NorSun with a healthy runway to complete the production ramp up in Årdal, Norway, execute the next phase of R&D activities and further contribute to the development of the thin film company Sunfilm AG, where NorSun has a 29.5% stake.
“NorSun manufactures high performance products and has a roadmap, consisting of technological and process improvements, which positions the company for strong growth in the solar energy market”, says Inge K. Hansen, Chairman of NorSun, who also participated in the private placement.