Sunpreme, a closely held solar-cell manufacturer, received $50 million in financing that will be used to build a factory in Jiaxing, China.
The investment was led by International Finance Corp., a unit of the World Bank Group, and also included participation from Capricorn Investment Group LLC and a fund managed by Beijing-based Tsing Capital, Sunpreme said in an e-mailed statement.
The factory will annually produce 30 megawatts of silicon- based cells using the company’s proprietary low-cost manufacturing process and is expected to enter operation by the end of the year, Jeff Lettes, a spokesman for the Sunnyvale, California-based company, said in a telephone interview.
Capricorn led Sunpreme’s prior first round of funding, according to the statement.
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