Silicor Materials raises USD 105m for Icelandic factory
Silicor Materials Inc, the US-based solar silicon producer that is building a factory in Iceland, said Wednesday it has agreed USD 105 million (EUR 93m) in equity contribution from various entities.
The company has raised capital from Icelandic pension funds and other strategic investors, including longtime Silicor investor Hudson Clean Energy Partners. It will use the funds to support the construction of its first commercial-scale manufacturing facility in Grundartangi.
Once completed, the factory will have a nameplate solar silicon production capacity of 16,000 tonnes, with the potential to reach 19,000 tonnes annually, as reported previously. Building works are seen to start in mid-2016.
“This plant will place Silicor in the top six solar silicon manufacturers by volume, with an industry leading cost structure,” said Neil Auerbach, vice chairman of the Silicor board and Hudson founder.
Silicor has already secured sales commitments and letters of intent with global solar module makers that cover roughly 75% of the plant’s annual output, it said.