IFC puts $75m into Russia polysilicon producer

31 July 2008 17:00  [Source: ICIS news]

WASHINGTON (ICIS news)--The International Finance Corporation (IFC) will make a $50m (€32m) investment and loan $25m to Russian polysilicon producer Nitol Solar to help establish the firm’s new Siberian plant, the bank said on Thursday.

 

IFC said its partial funding for the $450m production facility at Usoliye Sibirskoye in southeastern Siberia is in keeping with the bank’s “commitment to helping mid-tier companies become global players and our strategy to support the growth of renewable energy”.

 

The Nitol Solar polysilicon plant in Siberia is expected to come online in mid-2009 and will have capacity of 3,700 tonnes/year, according to IFC, the private sector financing arm of the World Bank.

 

That output is approximately equal to 9% of today’s global production of polysilicon, the key component in the manufacture of solar cells.

 

The bank noted that "polysilicon is in short supply globally, hindering the growth of the solar energy sector”.

 

In addition to the funding, IFC said it will work with Nitol Solar to help advance its environmental and corporate governance best practices.

 

($1 = €0.64)

 

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