LONDON — Manufacturer of monocrystalline silicon wafers, NorSun AS (Oslo, Norway), has closed a $ 160 million round of financing to expand production of silicon ingots and wafers for the manufacture of solar cells.
The round includes $72.3 million in new venture capital funding, with Good Energies leading the round and joined by Scatec AS and Norsk Hydro ASA.
NorSun also secured a $94 million, five-year bank loan from DnB NOR and Nordea Bank Norway AS.
The company says the financing will provide it with "a healthy runway" to complete the production ramp-up in Årdal, Norway, execute the next phase of R&D activities, and further contribute to the development of the thin film company Sunfilm AG, where NorSun has a 29.5 percent stake.
In 2007 Good Energies and NorSun established Sunfilm to manufacture tandem junction thin film photovoltaic modules on glass substrates.
Annual production capacity of wafers at NorSun at the facilities in Årdal, Norway and Vantaa, Finland is expected to exceed 200 MWp by the end of 2009.
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