October 12 (Renewables Now) - Russian solar company Hevel LLC this week said it has secured concessional financing to expand the annual capacity of its factory in Novocheboksarsk to 250 MW from 160 MW.
The company has signed an agreement with a fund for the development of single-industry towns, under which the fund will provide an eight-year loan of RUB 1 billion (USD 15.2m/EUR 13.1m) at 5% per year for Hevel to complete the second stage of modernisation at the factory. The fund's supervisory board approved the loan in July.
The total investment is worth about RUB 2.6 billion, part of which will be funded through a RUB-500-million soft loan previously provided by the Industry Development Fund.
The second stage of modernisation will also allow the company to start production of bifacial modules with a capacity of more than 400 W.
Hevel completed the first stage of modernisation last year, launching solar model production using heterojunction technology.
(RUB 10 = USD 0.152/EUR 0.131)