GCL-Poly Energy Holdings Ltd (HKG:3800) announced today it plans to build a polysilicon production complex in the Xinjiang provincial-level autonomous region of China with a total capacity of 60,000 tonnes.
The company expects to invest a total of CNY 5.68 billion (USD 823m/EUR 789m) in the project, which involves the construction of new plants with a combined annual production capacity of 40,000 tonnes and the relocation of existing facilities from Xuzhou.
GCL-Poly Energy will finance CNY 2 billion of the total investment, corresponding to the registered capital of the project company, with internal resources. The balance will be financed by debt. The company is currently holding talks with parties interested in investing in this project, it said.
GCL-Poly Energy expects to complete the first 20,000-tonne facility by the second quarter of 2018 and to finalise the other plant of the same capacity by the end of that year. The relocation of the remaining 20,000-tonne facility from Xuzhou should be carried out as part of the third phase of the project. It is scheduled for completion by the end of 2020.
The firm believes that upon the completion of the entire project, its annual polysilicon production capacity will reach 115,000 tonnes.
(CNY 1.0 = USD 0.145/EUR 0.136)