Issue Date: August 25, 2008
Suntech Injects $100 Million in Nitol
China's Suntech, one of the world's largest manufacturers of solar cells, has spent $100 million for a minority stake in Nitol Solar, a Russian producer of polysilicon. Nitol, one of Suntech's suppliers, is building a 3,700-metric-ton-per-year polysilicon plant in Irkutsk that is scheduled to come on-line in 2009. International Finance Corp. has also invested $50 million in Nitol in addition to providing it with a $25 million loan. IFC is an investment firm owned by the World Bank. Because of a global shortage of polysilicon, manufacturers of solar cells have, for the past few years, been providing financing to their suppliers to help them expand capacity.
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