First EDB’s Tranche for NITOL’s Polycrystalline Silicon Project Disbursed

The Eurasian Development Bank (EDB) disbursed to NITOL the first tranche of $32 million for completion of a high-tech complex for production of polycrystalline silicon in Usolye-Sibisrkoye, Irkutsk Oblast.

This loan is provided under a $100-million loan agreement signed between the Bank and the company in November 2010.

In accordance with the loan agreement, this loan is provided to Usolye-Siberian 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 other stakeholders are Russian Nanotechnology Corporation (ROSNANO) and Sberbank of Russia.

The new venture will achieve its design capacity 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 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. As importantly, the project will create a materials base for future development of Russian microelectronics and a new industry, solar energy.

Additional Information

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 Usolye-Sibisrkoye, Irkutsk Oblast.

Detailed information is available at: www.nitolsolar.com  and www.nitol.ru