OREANDA-NEWS. November 26, 2010. Eurasian Development Bank (EDB) and NITOL have signed a loan agreement under which the Bank has provided a USD100 m loan facility for up to 7 years, reported the press-centre of KASE.

According to the agreement, financing will be provided to "Usolye-Sibirskiy Silikon" (part of NITOL) under the first in Russia project of large-scale production of poly-crystal silicon - main material for solar energy and microelectronics. The project is also co-financed by state corporation "Russian nanotechnology corporation" (ROSNANO) and Sberbank RF.

The project will foster implementation of tasks set by RF Government with regard to renewable energy sources' role in the total power output and efficient use of natural resources.

Funds provided by the Bank will be used for completion of hi-tech poly-crystal silicon production facilities in Usolye-Sibirskoye.

The projected capacity will be reached stepwise. In the first phase, in 2008, the production of poly-silicon (300 tons a year) was launched. The second phase, to be finished in the second quarter of 2011, will see the output rise to 3,500 tons of poly-silicon a year.                          

"The project is run by a team of professionals from both NITOL and ROSNANO. It is of high economic and social importance for Russia and Irkutsk oblast in particular, says I. Finogenov, EDB's CEO. - Production facilities in Usolye-Sibirskoye are set to play the role of a material source for further growth of Russian microelectronics, and also to become a key element for the new industry - solar energy. The project will create over 1,000 jobs, which is very important for the social situation in the region".

"We are glad to see EDB as our partner, says D. Kotenko, Chairman of the Board of Directors of NITOL. - EDB is not only a well-known international financial institution, but also a team of first-class professionals eager to co-operate with hi-tech industries. This co-operation is acknowledgement of the project's high social and economic importance".