REC secures financing leverage

MOSES LAKE — REC Silicon has secured a $30 million loan from New York’s Standard Chartered Bank to help fund the company’s restart as well as proposed expansions, according to an REC press release.

The loan is fully backed by REC’s largest shareholder, South Korea-based solar and chemical maker Hanwha Solutions, the press release said.

“This is another completed foundational activity that puts the company in the position to execute our strategy to restart the (fluid bed reactor) facility (in Moses Lake) and capitalize on business opportunities arising from the development of a complete solar value chain in the U.S.,” said REC Silicon CEO Kurt Levens in the statement.

In April, the city of Moses Lake approved a building permit for a $1.7 million project to install new product processing and handling equipment at REC’s facility in Moses Lake, as well as a second permit for $460,000 for what the building permit calls an “afterstripping project.”

In the press release, REC said the company’s ongoing projects — including restarting production in Moses Lake — will require more funding. However, the press release also said REC is confident the company will have needed financing in place.

Standard Chartered is a UK-based commercial bank with over 650 branches worldwide, primarily in the Middle East, Asia and Africa, according to the company’s website.

Charles H. Featherstone can be reached at cfeatherstone@columbiabasinherald.com.