IFC, a member of the World Bank Group, announced that it is investing in ENN Solar Energy Co Ltd, part of China’s XinAo Group, in an effort to help drive down global prices for solar-generated electricity.

IFC’s financing package will include a $45 million loan from its own accounts, additional loans syndicated from commercial banks and other lenders of up to $76 million, and the purchase of an IFC stake in ENN Energy for up to $15 million. The financing will support ENN Solar Energy’s implementation of China’s first large-scale, thin-film-based solar module manufacturing facility, an investment the IFC said will help the development of the local solar photovoltaic market.

Full article here, courtesy of SustainableBusiness.com News