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Norway's NorSun raises $163 mln to boost output
OSLO, March 10 |
OSLO, March 10 (Reuters) - Norwegian solar industry group NorSun has raised $163 million in equity and debt capital to expand its production of silicon ingots and wafers for solar cells, the company said on Tuesday.
"We are pleased to have successfully secured new financing in the current financial climate," Chief Executive Jon Hindar said in a statement.
Unlisted NorSun said it raised 500 million Norwegian crowns in equity and 650 million crowns in a five-year bank loan, totalling 1.15 billion crowns ($163 million). It also secured 450 million crowns in bank guarantee lines.
Norwegian aluminium producer Norsk Hydro (NHY.OL) said in a statement it had participated in the offering, paying 92 million crowns to keep its 18.4 percent stake in NorSun.
The credit and guarantee facilities were provided by DnB NOR DNBNOR.OL and Nordea Bank (NDA.ST), NorSun said.
NorSun started production last summer of silicon ingots and wafers from its first factory in Ardal, Norway, close to a Norsk Hydro aluminium smelter.
Norwegian business newspaper Dagens Naeringsliv said Norsun's equity was priced at close to 2 billion crowns ($283 million) in the placement, down from 5.4 billion a year ago.
Swiss-based investment group Good Energies raised it stake in NorSun to 31 percent from around 20 percent before the issue, Dagens Naeringsliv said.
For recent analysis stories on the solar industry, please click on [ID:nL2117907], [ID:nLR425297]. (Reporting by Richard Solem; Editing by Greg Mahlich) ($1=7.073 Norwegian crowns)
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