PV Insider is reporting that Korea-based Samsung is providing a €50 million loan Spain’s Isofoton. Company representatives from both firms signed an agreement today that will see Isofoton use the investment towards a capacity expansion of its selective-emitter PV cell production.
The investment is structured to be dispersed in two separate installments. The first €30 million will be delivered in 2012 and will go towards the startup of a new selective-emitter solar cell production line with a 100MW capacity. The remaining €20 million will be distributed in 2013 for the expansion of the solar cell manufacturing capacity to reach 300MW.
Isofoton’s President, Ángel Luis Serrano, commented, “This agreement is the result of the level of diligence with which we are performing our work. Our feasibility plan guarantees a promising outlook for the company as demonstrated by the fact that a giant firm such as Samsung has decided to bet on us. Counting on the financial support of a company that enjoys the prestige and solvency of our new partner is an honor, and demonstrates how Isofoton represents a project that can be attractive for investment as well as a reality that inspires confidence.”
For more news on Isofoton, be sure to check out the latest Chip Shots blog.