Taiwan-based merchant PV manufacturer and downstream project developer Neo Solar Power Corporation (NSP) said a Joint Venture business unit had secured syndicated loans valued at NT$5 billion (US169 million) to build PV power plants totalling 100MW in Taiwan.
Neo Cathay Power Corp, a joint venture between NSP and Cathay Life Insurance Co., 100% owned subsidiaries Si One Corp., and Da Li Energy Corp., had secured the loan from First Commercial Bank, Far Eastern Int'l Bank, KGI Bank and Taishin International Bank. The other participants in this syndicated loan are Fubon Bank, Shin Kong Bank, Bank SinoPac and Chang Hwa Commercial Bank.
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Andy Shen, President of NSP said, “With NSP and Cathay Life’s cooperation, Neo Cathay would be devoted to the development, construction and acquisition of solar systems in Taiwan. In addition, we believe that having these funds and strong support from Taiwan Government’s policy to renewable energy will help to increase the speed and scale of both NSP and Cathay Life’s solar systems installation.”
The loan is expected to support around 100MW of solar systems development and construction for Neo Cathay in Taiwan.