NorSun AS, the Norwegian manufacturer of high-performance monocrystalline silicon ingots and wafers, announced it has raised NOK1.15 billion to finance production of new silicon ingots and wafers for high efficiency solar cells.
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NOK500 million came in equity, while another NOK650 million came from a five-tear bank loan and NOK450 million in bank guarantee lines. The entire credit and guarantee facility was provided by DnB NOR and Nordea Bank Norge AS.
With this financial increase, NorSun will be able to complete its production ramp in Årdal, Norway, execute the next phase of R&D activities and continue to develop Sunfilm AG, a the thin-film company in which NorSun has a 29.5% stake.