Trina Solar and Suntech Power Holdings have taken a combined $11.72 billion in loans from China Development Bank, according to Reuters. Suntech’s agreement with CDB will provide access to $7.33 billion in loans over a 5-year period. Trina Solar now has a loan agreement with CDB worth $4.40 billion that will last through 2015.
Both companies plan to use the loans for expansion.
For example, Trina Chief Financial Officer Terry Wang told Reuters,
“As … Read the rest
The purchase of a minority stake in Asia Silicon. The company paid $8.1 million to one of Suntech’s existing shareholders to buy a stake in the company. Suntech already has a supply agreement with Asia Silicon to buy up to $1.5 billion worth of high-grade polysilicon from Asia Silicon over the next years.
Zhengrong Shi, Suntech’s chairman and CEO, commented on the deal:
… Read the rest“We are very pleased to cement our relationship with Asia Silicon. Asia
Suntech Power Holdings announced that last year it reached its company goal of achieving 1GW capacity for both solar cells and modules. Suntech claims they are the first solar company to reach both of these goals simultaneously. However, in response to the current economic situation, Suntech plans to keep production at 1GW throughout 2009, instead of continuing its expansion as originally planned. Suntech’s Chairman and CEO, Dr. Zhengrong Shi, commented on the achievement:
… Read the rest"We are