Taiwan-based merchant solar cell producer Motech Industries has secured NT$6.4 billion (US$196 million) in a new syndicated financing round.
Motech said that the three-year credit facility was to refinance its existing loans and to replenish working capital. The company recently acquired rival solar cell producer, Topcell, resulting in its nameplate solar cell capacity topping 3GW, making it the largest global merchant cell producer.
Motech had also announced that it was also investing further in its China-based manufacturing subsidiary Motech (Suzhou) Renewable Energy at a cost of RMB211 million (US$33 million) to expand capacity and improve its economies of scale at the facility.
Initially the new investment in its China operations would amount to RMB37 million (US$5.78 million), and brings its total investment to around US$87 million, according to the company.
Motech recently reported record sales in July, 2015 of US$71.3 million, up around 7% from the prior month and up 91.19% year- on-year. Shipments in the second quarter of 2015 reached 537MW, the highest level on record for the company in over three years.