By Jiahui HuangTongwei, the largest polysilicon maker in the world, said it plans to invest 28 billion yuan ($3.92 billion) to build a factory in northern China, marking the company's fourth project in 2023 that is above CNY10 billion. The Chengdu, China-based company signed an agreement with local governments in Ordos, Inner Mongolia, to build a two-phase project for industrial silicon and polysilicon production, according to the company's filing on Monday. The project aims to produce 500,000 tons of industrial silicon and 400,000 tons of polysilicon annually. The first phase of the project will cover capacity of 200,000 tons each for industrial silicon and polysilicon, to be completed by the end of December 2025, Tongwei said. The investment to build the new plant won't have significant impact on the company's revenue and net profit for 2023 and 2024, Tongwei said.

Source: Wall Street Journal December 26, 2023 05:14 UTC