Suntech Completes Minority Interest Purchase Of Nitol Solar


Suntech Power Holdings Co. Ltd. has completed the final round of its $100 million in aggregate purchase of a minority interest in Nitol Solar, an independent polysilicon producer.

Suntech's completion of its minority investment in Nitol Solar coincides with the recently announced $50 million equity investment in and $25 million loan to Nitol Solar from International Finance Corp. (IFC). Funds raised from both Suntech and IFC will help Nitol Solar to continue the on-schedule construction of its new production facilities in Irkutsk, Russia, and achieve its projected annual polysilicon capacity of 3,700 tons in 2009.

SOURCE: Suntech

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