RMB500 million provided by Municipal Government of An Yang City
Anwell Technologies Limited ('Anwell'), has secured a total of RMB700 million in long-term funding for its subsidiary, Henan Sungen Solar Fab Co., Ltd. from the Municipal Government of An Yang City (the 'Municipal Government') in Henan Province of China. The RMB700 million funding comprised of financial support of RMB200 million cash funding and a Government-backed guarantee provided of up to RMB500 million for bank financing. The funds will be utilized for ramping up the production capacity ofthe Group's thin film solar manufacturing plant in An Yang.
'We are thankful for the vote of confidence from the Municipal Government for our An Yang plant. This long term funding will allow us to increase our group's solar panel capacity to meetthe increasing global demand for thin film solar panels. With the continuing support from the PRC Government, we target to increase our group's solar panel capacity to 1.5GW within 5 years,' said Franky Fan, Executive Chairman & CEO. 'Leveraging onour unique in-house equipment and R&D capabilities, we are confident that this investment will further strengthen the Group's position in the global solar market and put us on a long term growth trajectory.'
In addition to this long-term fundingfor the An Yang plant, Anwell is also engaging separate discussions with the local government of another city in China for the funding of its second thin film solar panel production plant. Anwell will make a separate announcement in a timely manneronce the discussion is finalized.
Anwell Technologies Ltd. (SES:G5X.SI or ANW:SP) ('Anwell') is a global leader in providing turnkey production solutions for optical media replication business. The Group's activities include manufacturing and sales of optical media production lines and media products. With the various proprietary technologies developed since the Group was founded in year 2000, Anwell has continued to study the opportunities to tap into other industries, including OLED, solar industries and etc. The Group officially announced its entry into the solar business in 2008. The Group began mass production with its own proprietary equipments at its thin film solar production plant in Henan, PRC in March 2010. For more information, please refer to www.anwell.com.
Ken Wu, CFO Anwell Technologies Limited Tel: +852 2499 9178 Fax: +852 2499 9170 E-mail: firstname.lastname@example.org Kamal Samuel / Edward Mai Financial PR Pte Ltd Tel: +65 6438 2990 Fax: +65 6438 0064 Email: email@example.com Email: firstname.lastname@example.org
Copyright 2011 ACN Newswire. All rights reserved.