1366 Technologies - Batavia Solar Wafer Manufacturing Facility - New York - Project Profile

Synopsis
"1366 Technologies - Batavia Solar Wafer Manufacturing Facility - New York - Project Profile" contains information on the scope of the project including project overview and location. The profile also details project ownership and funding, gives a full project description, as well as information on contracts, tendering and key project contacts.

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Scope
The project involves the construction of a solar wafer manufacturing facility in Genesee County, New York, the US.

The US$700 million project includes the following:

1. Construction of a 12,077.4m2 manufacturing plant to generate 250MW of solar power in Phase 1A

2. Expansion of the manufacturing capacity from 250MW to 1GW in Phase 1B

3. Expansion of the facility with a capacity to manufacture nearly 3GW of wafers annually in Phase 2
Summary
1366 Technologies Inc (1366 Technologies) is undertaking the construction of a solar wafer manufacturing facility in Genesee County, New York, the US.

The project involves the construction of a solar wafer manufacturing facility and will be implemented in phases.

Phase 1A includes the construction of a 12,077.4m2 manufacturing plant to initially produce 60 to 65 million wafers annually that will help generate 250MW of solar power that covers an investment of about US$103.5 million.

Phase 1B expansion will increase facility manufacturing capacity from 250MW to 1GW, with approximately US$140 million in investment.

Subsequently, phase 2 expansion includes a larger facility with a capacity to manufacture nearly 3GW of wafers annually.

1366 Technologies’ total equity financing for the project is US$69.5 million from investors including Tokuyama Corporation, North Bridge Venture Partners, Polaris Venture Partners, VantagePoint Capital Partners and Energy Technology Ventures (a JV involving General Electric, NRG Energy and ConocoPhillips), Hanwha Chemical, Ventizz Capital and Haiyin Capital.

On December 17, 2015, 1366 Technologies requested the New York Power Authority (NYPA) to approve an allocation of 8,500 kilowatts (kW) of Replacement Power (RP) towards the development of the project.

Subsequently, NYPA recommended the allocation of 8,500kW of RP in support of Phase 1A.

On December 28, 2015, the Genesee County Industrial Development Agency, doing business as Genesee County Economic Development Center (GCEDC), will use a grant of up to US$5 million for the cost of land acquisition, engineering, and soft costs related to infrastructure development for the factory.

On April 12, 2016, Hanwha Q CELLS Co., Ltd ( HQCL) and 1366 Technologies entered into a supply agreement in which 1366 Technologies will supply up to 700MW of wafers using its proprietary Direct Wafer technology to HQCL over a five year period.

1366 Technologies awaiting Department of Energy's final approval on a previously promised US$150 million loan guarantee. Subject to it, construction works will commence and scheduled to be completed by June 2021.
Reasons To Buy
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Key highlights