Posted at 8:15 a.m., Thursday, January 31, 2008
Hoku, Sanyo increase polysilicon contract to $530M
Associated Press
POCATELLO, Idaho — Hawai'i's Hoku Scientific and Sanyo Electric have increased the term and amount of their polysilicon-supply contract, which now tops half a billion dollars.Hoku says the contract term will now be 10 years and is worth up to $530 million. It had previously been a seven-year contract worth up to $371 million. Hoku could begin supplying the material to be used in photovoltaic products from its planned plant in Idaho as early as next year.
Hoku now has until May 31 to secure funding for the Pocatello plant. It has an agreement for up to $185 million from Merrill Lynch, but that's dependent upon the company raising another $35 million in cash. The remainder will come in prepayments from Sanyo and other companies buying the material.
