NorSun has raised $163 million in equity and debt capital

NorSun, an Oslo, Norway-based solar energy company, announced that it completed a $163 financing round.

The money comes a debt and equity combination, namely NOK 500M ($74M) in equity and NOK 650M in a five-year bank loan, totalling NOK 1.15bn ($163 million). It also secured 450 million crowns in bank guarantee lines.

Backers include existing investors Scatec, Norwegian aluminium producer Norsk Hydro, which will own 18.4% post deal, and Swiss-based investment group Good Energies, which will raise its ownership to 30%.

The credit and guarantee facilities were provided by DnB NOR DNBNOR.OL and Nordea Bank NDA.ST

The funding will be used to expand its production of silicon ingots and wafers for solar cells.

NorSun, founded in 2005 by Alf Bjorseth, is a solar energy company that manufactures and markets high performance monocrystalline silicon ingots and wafers.