The amendment of the polysilicon supply agreement will result in a 10% reduction of the total volume of polysilicon to be sold by Hoku Materials to Jinko Solar. The pricing and other commercial terms of shipment for the remaining nine years remain unchanged.
“This amendment provides clear benefits to both parties by adjusting our agreement to account for the financing-related delays experienced by Hoku during the past year and the realities of the polysilicon market today,” Dustin Shindo, chairman and chief executive officer of Hoku Scientific, said. “Jinko maintains its long-term pricing hedge and supply stability, and Hoku will enjoy some additional flexibility during our first year of production, the year in which our production cost per kilogram of polysilicon is expected to be the highest. We look forward to beginning our regular deliveries of polysilicon to Jinko in 2010.”
“This amendment shows Hoku’s continued commitment to its partnership with Jinko,” Xiande Li, chairman of Jinko Solar, said. “We look forward to receiving polysilicon from Hoku’s Pocatello plant in 2010.”
