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Suntech raises $575 million for next expansion phase
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Suntech
Power Holdings has raised $575 million via qualified institutional
buyers, which is a result of the exercise in full. Suntech had
previously stated that $300 million of the net proceeds from the
offering would be allocated to upstream supplies and the balance for
production capacity expansion and new technology commercialization.
The remaining amount will be used for general corporate purposes but also interestingly for potential acquisitions as well as possible investments in complementary businesses that would assist its aggressive expansion plans.
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