North Coast Solar Stocks

July 10, 2009

Suntech Announces Draw Down of Convertible Loan Facility with IFC

Filed under: STP — Tags: , , , — Jason @ 8:00 am

Friday July 10, 2009, 8:00 am EDT

SAN FRANCISCO and WUXI, China, July 10 /PRNewswire-Asia/ — Suntech Power Holdings Co., Ltd. (STP), the world’s largest crystalline silicon photovoltaic (PV) module manufacturer, today announced that it has satisfied the conditions precedent to draw down the convertible loan facility with IFC, a member of the World Bank Group, and has drawn down the full $50 million amount of the facility. Under the terms of the loan facility, IFC has the option to convert the loan to Suntech’s American Depository Shares (ADS) at any time prior to maturity at an initial conversion price of $18.00 per ADS. Proceeds from the facility will be used to support Suntech’s transition to the high efficiency Pluto technology and debt financing requirements.

“We are pleased to cement our partnership with IFC to advance the adoption of solar energy as an instrument for sustainable global change,” said Dr. Zhengrong Shi, Suntech’s Chairman and CEO. “We view this loan agreement as a strong endorsement of Suntech’s business model and leadership role in furthering the world’s transition to renewable energy sources.”

About IFC

IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, please visit http://www.ifc.org.

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