Henan Sungen Solar Fab, a subsidiary of Anwell Technologies, has secured funding totalling more than US$100 million to help expand its thin-film production capacity in China. Financial backing came from the Municipal Government of An Yang City in Henan Province.
The RMB700 million (USD$108.2 million) investment – comprised of RMB200 million in cash funding and a government-backed guarantee for bank financing of up to RMB500 million – will be used to ramp up capacity to 1.5GW over the next five years as Sungen attempts to meet rising global demand for thin-film panels.
"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," Anwell executive chairman and CEO Franky Fan said.
Sungen is also in talks with the local government of another, unnamed, Chinese city, to secure funding for a second thin-film panel production plant. An announcement with further details will be made once the deal is finalised.