Hsinchu, Taiwan--(Newsfile Corp. - March 30, 2017) - Neo Solar Power Corporation ("NSP", or "the Company", publicly listed on Taiwan Stock Exchange, Ticker: 3576 TT), today announced that its subsidiary, General Energy Solutions Inc. ("GES", unlisted public company, Ticker: 6466), has secured a 3-year NT$800 million revolving syndicated loan led by Yuanta Bank. The signing ceremony was held on 27th March, 2017 at NSP Hsinchu Headquarter.
Dr. Quincy Lin, Chairman of GES says "This syndication loan was led by Yuanta Bank. The other participants in this deal are Taiwan Cooperative Bank and EnTie Bank. The loan will be used for GES's global solar system project development and construction. GES receives strong support and recognition from banks, and possess experiential track records for global solar system design & construction in Taiwan, the United States, the United Kingdom, Japan, the Dominican Republic and Dubai. The most representative projects including 25MW 'World's Largest Airport Solar System Project' in Indianapolis Airport of the United States in 2014, and 34MW (Phase I) 'Largest Solar Farm in Central Caribbean Areas' in Monte Plata of the Dominican Republic in 2016. The syndication loan shows that Taiwan banking industry views downstream solar industry and NSP together with GES a promising future. "
GES is currently with nearly NT$2 Billion paid-in capital, and NSP's shareholding to GES is around 76%. The solar system projects owned & operated by GES so far is closed to 63MW, and over 125MW is under construction. The overall scale of GES's solar system project is over 188MW. It is believed that with this proceeds, those under construction solar projects will be completed successively in 2017 and contribute considerable revenue & profit to NSP Group. In addition, in response to Taiwan government's renewable energy policy, GES is actively participating development & construction of local solar system projects with Taiwan IPO plan ahead after holding a certain scale of solar system projects.
About General Energy Solutions Inc. (GES)
General Energy Solutions Inc. (GES) is a company based in Hukou, Taiwan and founded in 2009. GES is one of the leading solar energy companies with the expertise to provide customized solutions across the globe: to develop, engineer, construct and operate projects to provide a low-carbon, sustainable future. The team consists of experienced project developers, financial advisors, and specialists, who all have an extensive track record in this industry. Through the team's experience and knowledge, the projects from GES can increase performance, reduce operational costs and maximize project yields. GES focuses on five core activities: Investments, Project Development, Project Management, EPC (Engineering, Procurement, Construction), and Operation and Maintenance (O&M). For more information, please visit GES website at www.gesyw.com
About Neo Solar Power Corporation (3576 TT) (NSP)
Founded in 2005 by Dr. Quincy Lin (former Senior VP of TSMC) and Dr. Sam Hong (former Director of ITRI Research Division), Neo Solar Power Corporation (NSP) is a leading manufacturer of high performance and high quality solar cells and modules. With core competitive advantages in quality, technology and customer service, NSP became the world's largest merchant solar cell manufacturer by volume in 2013. After selling DelSolar to NSP, Delta Electronics (2308, TT) became the biggest shareholder of NSP with a 19% holding. Leveraging current leading position in solar cell technology, NSP will further expand into the global solar systems businesses, aiming to become the leading solar system integrator in the world. For more information, please visit the company's website at www.nsp.com
For further information, please contact:
Ms. Shirley Chen
Investor Relations Dept.
Phone: +886-3-578-0011 ext. 20626
Email: [email protected]