POCATELLO, Idaho — Honolulu-based Hoku Scientific Inc., which is building a plant in Eastern Idaho to make polysilicon for solar panels, should have a portion of its $390 million plant running this year, according to the company's chief executive officer.

Hoku CEO Dustin Shindo said that despite the faltering economy, the market for polysilicon remains profitable.

"It's still priced attractively, but the polysilicon market isn't as robust as it was a year ago," he told the Idaho State Journal. "It's still a product that is in demand."

He said Hoku has already received $118 million in prepayments from customers, and that a total of $291 million has been committed.

The plant is projected to produce 4,000 metric tons annually of polysilicon and employ about 200 workers.

"We haven't hired that many people yet to work at the plant, but there are lots of people who work on the construction side of things," Shindo said.

Work is also going forward on a $14.8 million power substation on Hoku's 67-acre property, and officials say electricity to the plant should be available by June or July.

"One of the reasons we selected Pocatello and the state of Idaho is access to reasonably priced, stable power," Shindo said. "So the upcoming connection of that power to our property is a meaningful milestone."

Hoku has asked Idaho Power to supply 82 megawatts of year-round capacity. However, the power company doesn't have the capacity to meet that demand without special arrangements.

As a result, Hoku has agreed to shut down the plant during parts of the summer for maintenance when Idaho Power faces peak demand from other power users, said Idaho Public Utilities Commission spokesman Gene Fadness.

Hoku has already made a deal with Great Western Malting Plant to supply the malt house with heated water that's part of the polysilicon plant's cooling process. Malting company officials said the deal saves them money on natural gas and will slash emissions.

"People in the community find that very exciting that businesses can work together to be more efficient," Shindo said.

Another Hoku subsidiary, Hoku Materials, earlier this week signed a supply contract with Shanghai Alex New Energy Co. and made a second amendment to a previous contract with Jiangxi Jinko Solar Co.

Hoku's contract with Alex, a manufacturer of crystalline silicon solar cells, modules and photovoltaic products, represents the resale of a portion of the polysilicon production capacity recaptured by Hoku after agreeing to amend its original supply agreement with Jinko.