Arion Bank will lead the debt financing while Centra Corporate will raise equity for the plant, which will create approximately 400 full-time jobs in addition to up to 100 construction positions.
Silicor Materials CEO Theresa Jester said, "In addition to its world-class manufacturing and transportation infrastructure, the country provides low-cost renewable energy, enabling Silicor to produce the only truly ‘green’ silicon in the world."
Expected to be operational in 2016, the project is expected to produce up to 19,000 metric tons of solar silicon annually.
Silicor Materials CFO Craig Wellen said, "We anticipate strong, swift interest from the investment community and look forward to bringing this game-changing organization to Iceland."
The Associated Icelandic Ports director Gisli Gislason said, "Silicor offers a tremendous economic development opportunity to the Icelandic community, all without compromising its dedication to environmental stewardship."
Silicor has already received sales commitments and letters of intent with several solar wafer, cell and module manufacturers and is likely to have the facility’s nameplate capacity sold out by the end of 2014.
