Despite a short and chequered history, Hoku Materials polysilicon plant in Pocatello, Idaho could be in line for further funding, according to a strategic cooperation agreement signed between Baoding Tianwei Group and U.S. bank, Wells Fargo. Tianwei took a majority ownership in Hoku Materials last year after the under-construction polysilicon plant ran into financial difficulties.
Tianwei is also seeking financial support from the bank for its portfolio of PV projects in the U.S., which Hoku Solar, a subsidiary of Hoku, is said to have been developing.
“Wells Fargo is better positioned than ever to support the financing needs of overseas-based multinationals operating in the U.S.,” said Sanjiv Sanghvi, head of Wells Fargo Global Banking. “We are excited to have Tianwei as a partner and hope to be able to help the company develop its U.S. businesses.”
The financial terms of the agreement were not disclosed.
This article requires Premium SubscriptionBasic (FREE) Subscription
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Unlimited digital access to the PV Tech Power journal catalogue
- Unlimited digital access to the Photovoltaics International journal catalogue
- Access to more than 1,000 technical papers
- Discounts on Solar Media’s portfolio of events, in-person and virtual
