EIB will issue a 400 million euro loan for the new polySi production project in Nünchritz, Germany. WACKER reports that it will add 450 jobs in association with the facility, which requires investments of about €800 million.
(May 14, 2009) — The European Investment Bank (EIB) has approved a long-term €400 million loan to finance Wacker Chemie AG’s new Nünchritz (Saxony, Germany) polysilicon production facility. The Munich-based chemical company announced today that EIB’s Management Committee and Board of Directors have approved granting the loan and the contractual details are to be signed in the next few weeks.
WACKER budgeted investments totaling some €800 million for its new Nünchritz polysilicon production plant. The facility is expected to create around 450 new jobs. “The EIB’s loan approval is a key component in our financing plan for this strategic growth project,” said WACKER CFO Joachim Rauhut, adding that the EIB loan offers the company sufficient financial flexibility for expansion in the difficult economic climate. Rauhut stated that EIB conditions were attractive compared to conventional bank loans or bonds. EIB has partnered with WACKER for many years, he added.
The new polysilicon facility at the Nünchritz site has a nominal capacity of 10,000 metric tons per year and is set for commissioning in 2011. Thanks to these steps, as well as other ongoing expansion measures at the Burghausen site, WACKER’s polysilicon capacity will reach 35,500 metric tons annually, compared to current capacity of 15,000 metric tons. This expansion will enable WACKER to meet the increasing global demand it expects for hyperpure polycrystalline silicon.
For coming years, WACKER anticipates continued double-digit annual growth in solar-sector polysilicon demand. For more information, contact email@example.com.