EDB to Provide $100-Million Facility to NITOL of Russia
Moscow – Almaty, 23 November 2010. The Eurasian Development Bank (EDB) and NITOL signed an agreement on a $100-million, 7-year facility.
This loan will be provided to Usolie- Sibisrkoye Silicon (member of NITOL) as part of a project to launch Russia’s first large-scale venture producing polycrystalline silicon – the main material for solar energy and microelectronics. The project is carried out with financial support of Russian Nanotechnology Corporation (ROSNANO) and Sberbank of Russia.
The project will further the goals set by the Russian Government: to increase the share of renewable sources in the total power generation and to enhance the efficiency of energy resources.
The EDB’s funds will be used to complete a high-tech complex for production of polycrystalline silicon in Usolie-Sibisrkoye, the Irkutsk Oblast.
The design capacity of new venture is planned to be achieved in several phases. During phase one, in 2008, polycrystalline silicon production was brought to an annual capacity of 300 tonnes. During phase two, in the second quarter of 2011, the capacity will be raised to 3,500 tonnes.
“The project is being handled by a highly professional and experienced team comprising specialists from NITOL and ROSNANO. It is of great economic and social importance for Russia and especially Irkutsk Oblast”, said Igor Finogenov, Chairman of the EDB Executive Board. “The Usolie-Sibisrkoye complex is to become a basis for future development of Russian microelectronics and a key element of solar energy, a new industry to Russia. Over 1,000 jobs will be created, which is vital for region’s social situation”.
“We are pleased to see the Eurasian Development Bank among our partners”, said Dmitry Kotenko, Chairman of the Board of Directors of NITOL, after signing the agreement. “The EDB is not only a recognised international financial institution, but also a team of top-class specialists who devote themselves to promoting cooperation with innovative industries. This cooperation indicates the high economic and social importance being placed on our project”.
Summary
NITOL – the strategic goal of this company is to create an industrial complex in Irkutsk Oblast capable of producing high-tech materials for the semiconductor industry, solar energy, microelectronics, optic electronics and other sectors. At present the company is completing Russia’s first large-scale facility producing polycrystalline silicon in Usolie-Sibisrkoye, Irkutsk Oblast.
Detailed information on the company is available at www.nitolsolar.com and www.nitol.ru