Despite a short and chequered history, Hoku Materials polysilicon plant in Pocatello, Idaho could be in line for further funding, according to a strategic cooperation agreement signed between Baoding Tianwei Group and U.S. bank, Wells Fargo. Tianwei took a majority ownership in Hoku Materials last year after the under-construction polysilicon plant ran into financial difficulties.
Tianwei is also seeking financial support from the bank for its portfolio of PV projects in the U.S., which Hoku Solar, a subsidiary of Hoku, is said to have been developing.
“Wells Fargo is better positioned than ever to support the financing needs of overseas-based multinationals operating in the U.S.,” said Sanjiv Sanghvi, head of Wells Fargo Global Banking. “We are excited to have Tianwei as a partner and hope to be able to help the company develop its U.S. businesses.”
The financial terms of the agreement were not disclosed.
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