China’s Anwell secures $110m gov’t funds for new PV plant

August 18, 2011

Chinese company Anwell Digital Machinery has secured a RMB700m (USD110m) capital injection from the municipal government of Dongguan for the development of a second thin film solar panel factory in the province.

The provincial government will now take a 19.5 per cent stake in Dongguan Anwell, a subsidiary of Anwell Technologies, valuing the company at RMB3.6bn (USD563m). After five years the local government has the option of selling its shares back to Anwell at cost plus interest.

In addition to this funding the company has recently secured RMB1.2bn (USD188m) long term funding for the new manufacturing plant and expansion of its other facility in Anyang. The capital injection came from the municipal authorities of both cities. Anwell has plans to annually produce panels with a combined capacity of 1.5GW within five years.

Both solar manufacturing and the market for solar are increasing in China and the recentintroduction of a feed-in tariff subsidy is set to buoy the sector further.