Daqo receives US$150 million loan from Bank of China to expand polysilicon production

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China-based polysilicon manufacturer, Daqo New Energy has received a US$150 million loan approval from Bank of China, through its Shihezi branch in Xinjiang, China to support its ‘Phase II’ polysilicon expansion plan in Xinjiang. The loan will be a 6-year long-term project finance loan. Polysilicon production remains 100% utilized.

“With this loan, we are confident that we have the funding needed for the completion of the initial phase of our polysilicon expansion plan in Xinjiang,” noted Jimmy Lai, the Chief Financial Officer of Daqo New Energy.

Daqo said in separate news, coving second quarter financial results that polysilicon production was still at 100% utilization and that the company had no inventory at the quarter end.

The Company generated revenues of US$63.0 million from 1,001MT of polysilicon sold, compared to revenues of US$77.7 million for 1,089MT of polysilicon sold in the first quarter of 2011, and revenues of US$47.0 million for 896 MT of polysilicon sold in the second quarter of 2010.

Gross margin was 46.6% in the second quarter of 2011, compared to 51.0% in the first quarter of 2011.

Daqo guided 975-990MT of polysilicon would be shipped in the third quarter, while expecting to ship 10MW of wafer as well as 20MW of modules.

“We have seen the pricing environment for polysilicon stabilized since the beginning of the third quarter and the demand picked up. The wafer and module markets continue to see pricing pressure. However, the modules order picked up in the third quarter and the majority of our wafer output will be used in our module production through tolling arrangement with our cell partner.” commented, Dr. Gongda Yao, the Chief Executive Officer of the Company.”

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