News Article
ISOFOTON Closes $15M Financing For North American Factory
ISOFOTON successfully closed $15 million in project financing for investment in its ISOFOTON North America solar panel module manufacturing plant that is being built in the U.S. state of Ohio.
Financing for the project in Napoleon, Ohio includes the issuance of 7-year bonds, which have obtained a AA- rating from Standard and Poor's using an economic development program supported by the State of Ohio. The bonds will be issued at 4%, a substantial improvement in the cost of financing compared to other European manufacturers who have been forced to sell bonds at much higher rates to attract funding.
The new plant in Ohio is scheduled to open this summer, followed by the immediate start of module deliveries to local customers who have committed to approximately 300 megawatts in supply contracts.
