Renewable

January 7 (Renewables Now) - Xinjiang Daqo, a fully-owned unit of Daqo New Energy Corp (NYSE:DQ), has received energy consumption approval for its planned polysilicon projects in China's Inner Mongolia autonomous region.

The subsidiary is getting ready to invest a total of CNY 8.55 billion (USD 1.34bn/EUR 1.19bn) in Baotou city to build a solar-grade polysilicon production facility with an annual capacity of 100,000 tonnes and another one of 1,000-tonne capacity to supply the semiconductor industry. This is the first phase of a larger initiative unveiled in December.

Construction work is seen to begin this quarter and be finalised in the second quarter of 2023.

"The renewable energy revolution is providing a huge market with a fast growth rate. We are confident that our new polysilicon projects in Baotou will enable us to continuously increase our market share and enhance our leadership in the polysilicon industry,” said Longgen Zhang, CEO of Daqo New Energy.

(CNY 10 = USD 1.568/EUR 1.387)