Daqo New Energy Corp., a manufacturer of polysilicon for the global solar PV industry, announced that it has received approval from Chongqing Rural Commercial Bank for an RMB500 million credit line of a seven-year project finance loan.

Daqo intends to use the proceeds of the loan for general corporate purposes, including the capital expenditures related to its Phase 3A expansion project, which is expected to increase the company's polysilicon manufacturing capacity from the current level of 12,150 MT to 18,000 MT by the end of the second quarter of 2017.

"As a tier-one Chinese polysilicon manufacturer, our globally leading cost structure and promising profitability has served as the corner stone for our continued cooperation with Chongqing Rural Commercial Bank," commented Dr. Gongda Yao, CEO of Daqo New Energy."The loan will provide strong capital support for our Phase 3A expansion project and afford us more flexibility in pursuing our future growth."