South Korea’s OCI Co. has won an $845.5 million worth order, which is tantamount to 35 percent of OCI’s 2019 annual revenue, to supply polysilicon to the world’s top photovoltaic wafer producer LONGi Green Energy Technology Co. (LONGi Solar) in China.

OCI announced on Monday that OCIM Sdn. Bbn. (OCIMSB), the Korean firm’s subsidiary in Malaysia, signed a contract worth $845.5 million to supply polysilicon to LONGi Solar until February 2024. LONGi Solar is the world’s largest manufacturer of monocrystalline silicon wafers.

OCI manufactures polysilicon for solar cells mainly at its plant in Malaysia, while running its factory in Korea for producing polysilicon for semiconductor applications. OCIMSB can churn out 30,000 tons of polysilicon per year with a ramp-up scheduled for next year to produce additional 5,000 tons.

OCI said it will make greater efforts on expanding its presence in the global solar market, including China that added 48 gigawatts (GW) of solar last year alone. The firm aims to lower its manufacturing cost for solar-photovoltaics (PV) polysilicon by 15 percent this year through various efforts, including utilizing idled production lines in Gunsan, Korea.

OCI is the largest polysilicon producer in Korea, and the third-largest in the world.

On Tuesday, OCI shares closed 2.36 percent down at 103,500 won ($92.69) in Seoul.

By Choi Keun-do and Cho Jeehyun

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]