The world’s largest producer of crystalline silicon PV modules has taken the full $50 million in loan facility it earlier entered into with the International Finance Corporation (IFC).

In a press release, Suntech Power Holdings Co., Ltd. said it has met the conditions for the convertible loan facility with IFC, a member of the World Bank Group. The Jiansu Province, China-based solar company announced the loan agreement with the IFC earlier this month.

Under the loan facility’s terms, IFC has the option to convert the loan to Suntech’s US shares at any time before loan maturity, at an initial conversion price of $18 per share.

Suntech said it will be using the loan for the technology and debt financing requirements of its patent-pending Pluto, a high-efficiency crystalline silicon solar cell process that improves cell power output by up to 12% compared with that of conventional production methods.

Suntech was founded in 2001 and has grown to about 8,000 employees. It also produces building-integrated PVs.

The IFC provides financial services to businesses and governments for growth in developing countries, providing for $16.2 billion in such projects in 2008.

Suntech shares at the NYSE was down 8.19% or $1.28 to close at $14.35 as of Friday’s close.


- Eric Dorente