Daqo pours USD 1.57bn into Inner Mongolia unit to support projects

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January 5 (Renewables Now) - Daqo New Energy Corp (NYSE:DQ) has injected roughly CNY 10 billion (USD 1.57bn/EUR 1.39bn) of capital in a wholly-owned unit that is getting ready to undertake polysilicon production projects in China’s Inner Mongolia region.

According to the latest announcement, Daqo will provide the fresh capital from self-raised funds.

As reported in December, Xinjiang Daqo entered into a strategic cooperation framework deal with Baotou city that calls for the company to build plants for the production of polysilicon, silicon metal and silicone, including a solar-grade polysilicon production facility in Jiuyuan District with a total capacity of 200,000 metric tonnes per year. That particular project will be realised in two phases, starting with a 100,000-tonne site.

(CNY 10 = USD 1.573/EUR 1.389)

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