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Suntech Power (STP) Obtains Convertible Loan For $50 Million From International Finance Corp
Suntech Power just announced that it has obtained a convertible loan for $50 million from International Finance Corporation. The 7-year loan agreement carries a fixed annual interest rate of 5.0 percent and can be converted into an ADS share for $18 per share.
In a press release, Dr. Zhengrong Shi, Suntech’s Chairman and CEO, commented on the loan:
“We are pleased that IFC, a world class investment institution that supports sustainable development, has agreed to provide Suntech with a convertible loan of $50 million. These additional funds will strengthen Suntech’s financial position and support our transition to the high efficiency Pluto technology as we progress towards our goal of providing grid parity solar solutions.”
“IFC is pleased to support Suntech, one of the leaders in the solar PV industry,” said Randall Riopelle, Manager, Global Manufacturing & Services Department. “We are pleased to be partnering with a company focused on developing best in class technology and which has demonstrated a firm commitment to the highest corporate responsibility standards. We look forward to working with Suntech as solar energy becomes an increasingly important source of renewable energy for China and for the world.”
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