17.6 Billion Yuan! TBEA to Invest in Polysilicon Project With an Annual Output of 200,000 MT

PVTIME – On March 15, TBEA (600089.SH) announced that it intends to invest in polysilicon project in Zhundong Industrial Park, Changji City, Xinjiang Province, China, in order to further increase the market share of the company’s polysilicon products, and enhance its core competitiveness and profitability.

According to the announcement, Xinte Energy Co., Ltd. (01799.HK), a holding subsidiary of TBEA, established a wholly-owned subsidiary Xinte Silicon New Materials Co., Ltd. to incharge of the construction of the 200,000 MT polysilicon project in Zhundong City with a registered capital of 50 million yuan.

The total investment of the new Zhundong project is approximately 17.6 billion yuan, of which 8.8 billion yuan will be funded through the capital injection by Xinte Energy to Xinte Silicon New Materials by the proceeds raised from the Proposed A Share Offering, and the remainder will be settled through bank loans and other methods.

This polysilicon project has a total construction period of 24 months and will be implemented in two phases with each construction scale of 100,000 MT. The annual production capacity of high-purity polysilicon is expected to increase by 200,000 MT after the full completion of the two phases of construction.