Chint Solar gets $50M investment on heels of patent suit win

China-based Chint Group is expected to end April with $100 million more in the bank.

Chint Group's solar power subsidiary, Chint Solar, said it raised $50 million in its first round of funding, which was led by Hangzhou, China-based Cybernaut and Shanghai Alliance Investment.

The announcement comes after an April 15 ruling that Chint Group was to receive RMB 335 million ($49 million) by the end of the month from Tianjin-based Schneider Electric Low Voltage for patent infringement on electrical technology. Schneider Electric holds a 75 percent stake in the company.

Chint Solar was founded in 2006 and reached 100 megawatts of solar production in July. The company makes thin film and crystalline silicon cells and modules, but is focused on growing the production of its next-generation amorphous microcrystalline tandem junction thin film.

Chint Solar says it expects to reach 1,100 MW of peak production capacity by 2012.

The company did not disclose what it intended to do with the new equity funding but highlighted that the fund-raising was done in a difficult financial climate (see Cleantech investment drops but stimulus funds soar in 1Q09).