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ISOFOTON closes $15 million in financing for Ohio solar panel factory

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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.

· ISOFOTON, based in Málaga, Spain, received $15 million USD in financing for its factory in NW Ohio

· The 7-year bonds received an AA- rating from Standard & Poor´s using an economic development program supported by the State of Ohio.

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.

ISOFOTON selected the United States as a key market for the company’s global development strategy unfolding on several continents based on first-tier industrial partnerships and the opening of co-located branches and production facilities.

About ISOFOTON

ISOFOTON is a global company present in over 60 countries, pioneering and leading the design, manufacture and delivery of Solar Energy Solutions while contributing to the sustainable development of the planet. The company focuses on three technological areas: Photovoltaics, Thermal and High Concentration Photovoltaics.

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