Daqo New Energy Corp. today announced it has received RMB 450 million loan approval from Bank of China.
The approved loans consist of RMB 400 million 5-year fixed-assets capital project loan, and RMB 50 million working capital loan. The Company intends to use the fixed-asset capital project loan to further expand production capacity at its Xinjiang polysilicon manufacturing facilities, while the working capital loan for daily operations and other general purposes for its Xinjiang polysilicon manufacturing facilities.
Mr. Ming Yang, Chief Financial Officer of Daqo New Energy, commented, "We are pleased to have received the loan approval from Bank of China which demonstrates their confidence in Daqo New Energy's business prospects and recognizes our position as a clear leader in the polysilicon industry. These loans, together with other available banking facilities, will support our capital expenditures of capacity expansion project and enable us to complete the project on schedule."