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© krzysztof gorski dreamstime.com Electronics Production | August 09, 2013

NorSun completes financial restructuring

NorSun, a supplier of n-type «Super Mono» solar ingots and wafers in Årdal, Norway, has successfully completed a financial restructuring.
The financial restructuring will serve as a platform for growth and new momentum in 2014 and puts the company in a good position to benefit from an expected favourable market development.

Debt restructuring combined with an equity injection of NOK 100 million ($ 18 million) through a private placement have strengthened the company’s liquidity and secured funds to further implement an ambitious technology and cost road map to ensure cost competitiveness. NorSun expects to run at full production capacity the second half of 2013.

- We are pleased and relieved to have been able to successfully complete this challenging restructuring process, said Bjørn-Olav Brelin, CEO of NorSun. – NorSun is one of the top five wafer producers qualified to supply the globally leading cell manufacturers within the «super-mono» segment, and with backing from the banks, DNB and Nordea, SIVA, as well as new and existing shareholders we have been able to establish a foundation that positions us for long term profitability, Mr. Brelin said.

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