Polysilicon producer Daqo New Energy’s has signed a long-term supply agreement for high-purity mono-grade polysilicon for a total amount of 30,000MT between 2022 and end of 2026, essentially selling out its inventory for this year.
“With this contract and other existing contracts, our available capacity of this year has already been fully booked,” said Longgen Zhang, CEO of Daqo New Energy.
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Daqo did not disclose the name of the Chinese solar manufacturing company it signed the 30,000MT contract but stated that both volume and prices would be negotiated on a monthly basis between both parties.
Zhang added: “As always, we will focus on our core business by accelerating our capacity expansion and providing high quality products to contribute our effort to the fast-growing solar PV market.”
An expansion that started at the beginning of the year with Daqo New Energy injecting $1.6 billion to a subsidiary in order to increase polysilicon production projects in Inner Mongolia, with a first phase of 100,000MT high-purity polysilicon.
Later in January, Daqo New Energy forecast a five-fold increase profit for its Xinjiang subsidiary as it continued its expansion plans.
Last year, during its Q3 results the company said it targeted to reach a production capacity of 270,000MT by the end of 2024.