Isofoton president Ángel Luis Serrano has pushed ahead with the ambitious factory plans, after they were reportedly previously delayed due to the economic crisis.
Having reached a provisional agreement with HKSilicon, Isofoton says its plans are to construct the factory in the Spanish region of Andalusia, in Cádiz, Los Barrios. Although initial polysilicon capacity was set to be 2,500 tons, this figure has already been ramped up to 10,000 tons. Over 1,000 jobs are also expected to be created.
Isofoton said that initial investment will comprise 600 million, which will be provided by HKSilicon. The Hong Kong company is also expected to "contribute technology" to the factory. Meanwhile, the Regional Government of Andalusias Idea agency is said to be playing a key role in the investment process, and is working closely with Silicio Energía to attract similar investment.
It is not yet clear when construction will begin on the factory, or when it will begin producing polysilicon.
In a statement, Isofoton said: "The project will make the company the fifth-largest polysilicon manufacturer in the world. Polysilicon is the most important raw material in the manufacture of solar panels and the project is essential for the development of the Spanish solar panel industry as a whole. It will lead to increased specialization, giving Spain the capacity to produce all components in the photovoltaic module manufacturing chain."