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| Thursday, 23 June 2011, 18:13 HKT/SGT | |
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Source: Anwell | |
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- First round of funding provided by Municipal Government of Dongguan
- Engaging in further discussions for additional funding support
- On the back of recent RMB700 million funding for the 1st solar plant in An Yang City |
SINGAPORE, June 23, 2011 - (ACN Newswire) - Anwell Technologies Limited ("Anwell" or the "Group"), announced that its wholly owned subsidiary, Dongguan Sungen Ltd. had secured long-term funding arrangement of RMB 500 million from the Municipal Government of Dongguan (the "Dongguan Government") for the set-up of the Group's second thin film solar panel production plant, which is based in Dongguan.
With a target to start production in 2012, the new plant will be producing Anwell's latest proprietary products including tandem junction and advanced multi-junction thin film solar panels. The Group aims to achieve 1.5GW annual production capacity within 5 years, with the continuing support from the Government.
"I am glad that we secured financial support from the Dongguan Government in addition to that from the An Yang Government as announced recently. With these long-term funding in place, we are able to strongly ramp up our production capacity in response to the growing global demand for thin film solar panels. The world-class supply chain and logistic networks in Dongguan provide an excellent environment for our second production plant. With our in-house equipment and R&D capabilities, we are confident that this investment will further strengthen the Group's competitiveness in the global solar market," says Franky Fan, Executive Chairman & CEO.
Besides this RMB 500 million support for the first phase of the production plant, the Company is engaging in further discussions with the Dongguan Government for a second round of funding support. The Group will make a further announcement when the discussions are finalized.
According to the European Photovoltaic Industry Association (EPIA), the global photovoltaic ("PV") market has reached a cumulative installed capacity of some 40 GW at the end of 2010, with an added capacity of 16.6 GW during the year. The global PV markets continues to grow at a strong pace and PV now plays a key role as a viable energy alternative to conventional electricity sources in many countries, with projections reaching from 130GW to approximately 200GW of globally installed PV systems by 2015. Backed by supportive government policies, solar power is well on its way to becoming a fully competitive and increasingly important part of the global energy mix.
Contact:
Investor Relations Contact
Ken Wu, CFO
Anwell Technologies Limited
Tel: +852 2499 9178
Fax: +852 2499 9170
E-mail: kenwu@anwell.com
Gabriel Tan/ Edward Mai
Financial PR Pte Ltd
Tel: +65 6438 2990
Fax: +65 6438 0064
E-mail: gabriel@financialpr.com.sg
edward@financialpr.com.sg
Topic: Loans & Financing
Source: Anwell
Sectors: Alternative Energy
https://www.acnnewswire.com
From the Asia Corporate News Network
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