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IFC to provide a $75 million loan and equity investment for Nitol Solar Limited

March 13, 2008 Сbonds
The IFC intends to provide a $75 million loan and equity investment for Nitol Solar Limited (Nitol or the company), to facilitate the construction of a 3,700 metric tonnes per annum polycrystalline silicon (PCS or polysilicon) manufacturing facility in Russia at a total cost of about $450 million.

Nitol is a vertically integrated chemical and silicon gas producer based in Russia’s Irkutsk region (south-eastern Siberia), with access to abundant rock salt and low cost energy. The company is currently one of the largest Russian producers of chlorine based compounds, such as trichloroethylene, calcium hypochlorite, epichlorohydrin and polyvinylchloride (PVC) emulsion, as well as silicon gases.

The project company is Usoliye Sibirskoye Silicon (USS) based in Ikutsk, Russia. Nitol, which is based in New Jersey, owns 100% of USS through a group of holding companies. Nitol is wholly owned by EcoLive (the Parent), an international investment holding company, based in Luxembourg. Three Russian entrepreneurs, Mr. Anatoliy Goncharov, Mr. Dmitry Kotenko and Mr. Alexander Rudik, each own a 32% stake in EcoLive. The balance equity in the holding company is held by Mr. Alexander Kolganov and Mr. Stanislav Perminov, each of whom owns 2%.
The total project cost is estimated to be about $450 million. The total IFC investment is expected to be about $75 million, a portion of which will be provided as an A Loan for IFC’s own account and the balance as equity/quasi equity.
Company — NITOL Group
  • Full name
    NITOL Group LLC
  • Registration country
  • Industry
    Chemical and petrochemical industry