Daqo secures US$76 million for polysilicon production expansion

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The polysilicon producer said the proceeds of the credit line would be used for capital expenditures related to its Phase 3A expansion project, which is expected to increase the capacity from 12,150MT to 18,000MT by the end of the second quarter of 2017.

Rapidly expanding China-based polysilicon and wafer producer Daqo New Energy has secured a RMB500 million (US$76.05 million) line of credit from Chongqing Rural Commercial Bank to expand polysilicon production by nearly 50%. 

The polysilicon producer said the proceeds of the credit line would be used for capital expenditures related to its Phase 3A expansion project, which is expected to increase the capacity from 12,150MT to 18,000MT by the end of the second quarter of 2017.

Dr. Gongda Yao, CEO of Daqo New Energy said, “As a tier-one Chinese polysilicon manufacturer, our globally leading cost structure and promising profitability has served as the corner stone for our continued cooperation with Chongqing Rural Commercial Bank. The loan will provide strong capital support for our Phase 3A expansion project and afford us more flexibility in pursuing our future growth.”

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