POSTED: 04:14 p.m. HST, Jun 30, 2010
Honolulu-based Hoku Scientific said it amended a supply pact with Chinese solar panel maker Suntech Power and entered into a credit agreement to replace payments previously expected from Suntech.
Hoku, which signed a $28.3 million credit agreement with the China Construction Bank, said Suntech no longer had to make the $30 million prepayment.
Hoku said it would retain the $2 million that Suntech had already paid, which will be credited against future shipments of polysilicon.
Hoku has been struggling to raise capital for its $390-million polysilicon plant to being built in Idaho.
Late last year Hoku sold a minority stake to China's Tianwei New Energy Holdings Co -- which now owns about 60 percent of its outstanding shares -- to raise funds to finish the plant.
Hoku shares rose 10 cents, or 3.1 percent, to close at $3.34 today on Nasdaq.