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Solar cell plant to break ground in Singapore

Posted: 09 Jul 2007 ?? ?Print Version ?Bookmark and Share

Keywords:Singapore solar cell market? thin-film solar cell? equity funding?

Equation Corp. Ltd, through its subsidiary Solar Morph Pte Ltd, is poised to drive Singapore into the booming solar cell market.

Solar Morph will establish a 20MW thin-film solar cell plant in Singapore by mid-2008 and will continue to expand to its full 60MW annual capacity by 2010.

The initial 20MW plant will require $78.9 million to build. Solar Morph intends to fund the plant with equity and the remaining through debt financing. To date, Solar Morph has completed its first round of funding of $10.5 million led by Tembusu Ventures.

Eddie Chang, executive chairman of Singaporean investment holding firm Equation, will be the chairman of Solar Morph. Equation has a 69.9 percent stake in the solar cell firm.

"The future growth in the multibillion dollar energy sector is tremendous and Singapore has the right infrastructure and resources, as well as the governmental commitment to take the lead in solar energy supply in the region," Chang said in a statement.

Groundbreaking of the plant is scheduled to take place in Q4 2007. Production is scheduled to start in July 2008 and will be ramped up to full capacity by early 2009.

- Mark LaPedus
EE Times

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