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REC Silicon to wait until mid-July before closing Moses Lake factory

The Moses Lake polysilicon factory. Source: REC Silicon. License: All Rights Reserved.

June 14 (Renewables Now) - The board of directors of REC Silicon ASA (OSE:REC) has decided to wait a bit more before proceeding with a long-term shutdown of its Moses Lake polysilicon plant in Washington.

Last month, REC Silicon said it planned to close the particular facility from June 30, 2019 in the event that trade negotiations between the US and China do not improve. Now, it has chosen to wait until July 15 before doing that.

The company still hopes that solar grade polysilicon markets in China will reopen following the expected talks between the US and China at the G20 summit in Osaka, Japan, scheduled for June 28 - 29, 2019. The additional time will allow REC Silicon to evaluate any developments arising from that meeting, it said in a statement.

The Norway-based polysilicon and silicon gas supplier started curtailing the operation of the Fluidised Bed Reactor (FBR) facility in Moses Lake in mid-May so that it reduces spending and maintains liquidity.

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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