Sunpreme Gets $50 Million to Build Solar-Cell Factory in China

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.

To contact the reporter on this story: Andrew Herndon in San Francisco at aherndon2@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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