By Pacific Business News (Honolulu)

Hoku Corp. is borrowing $28.3 million from China Construction Bank to complete its polysilicon production plant in Idaho, the company said Wednesday.

The Honolulu-based energy companyâ¿¿s subsidiary, Hoku Materials Inc., is constructing a plant near Pocatello to produce the polysilicon used in solar energy harnessing.

Hoku will have 90 days to borrow as much as the entire $28.3 million, which it must repay by June 14, 2012, it said.

The company received $20 million in debt financing in May from China Merchants Bank for the production of polysilicon.

Hoku Corp. (Nasdaq: HOKU) closed Wednesday at $3.34, up 6 percent.

Copyright 2010 American City Business Journals
Copyright 2010