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.

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.