Manufacturer of Smart Silicon solar cells Sunpreme has closed over $50m in financing for the construction of solar facility in Jiaxing, China.

Financing is led by the International Finance Corp (IFC), Silicon-Valley-based Capricorn Investment Group and China Environment Fund III managed by Tsing Capital.

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The funds will also allow Sunpreme to expand production of its Smart Silicon solar cells by the end of the year.

Sunpreme’s Smart Silicon is a disruptive solar cell technology that distributes high-efficiency solar photovoltaic panels at lower costs.

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