Neo Solar Power Corporation (NSP)has secured an NT$3.3 billion syndicated loan led by Taiwan Cooperative Bank, Land Bank of Taiwan, First Bank and CTCB Bank. The loan will be used to repay NSP’s existing debt and as working capital of equipment and raw materials procurement.

NSP’s business strategy and performance in solar PV industry is recognized by the banks. The syndicated loan shows that Taiwan banking industry views solar industry with a promising futureas well. The agreement was signed by Chairman of Taiwan Cooperative Bank, Tsan-Chang Liao and Chairman of NSP, Quincy Lin. The other participants in this syndicated loan are Chang Hwa Commercial Bank, Mega International Commercial Bank, The Shang Hai Commercial & Savings Bank and Taiwan Business Bank. Including the 4 co-leading banks, there are total 8 banks participated in this deal.

The total amount of the Syndicated Loan is NT$3.3 billion with 3 years term, and can be extended for 2 more years

“Solar energy is a renewable and everlasting energy,” saidQuincy Lin, Chairman of NSP.“With the effort of the whole solar value chain for the past few years, solar energy has been more and more cost effective. The Grid-Parity has been reached in many countries worldwide and therefore no longer needs government’s support. The demand for solar energy is also increasing rapidly in many development & un-development countries.”

EnergyTrend projects global demand of 52.6GW in 2015 and 60GW in 2016, and the growth momentum seems to last for years. NSP commits endeavoring in the solar-related technologies’ R&D as well as the global allocation in the coming years.