BUSINESS BRIEFS
Hoku lines up additional financing
Advertiser Staff
Hoku Scientific Inc. has obtained another contract for its polysilicon plant under construction in Idaho, bringing it closer to obtaining all the financing needed to build the plant. The company also announced it hopes to expand the plant's capacity.
The company said Tianwei New Energy (Chendgu) Wafer Co. had agreed to enter a second contract for polysilicon and to make $22 million of deposits with Kapolei-based Hoku this year. The new contract calls for Tianwei to pay Hoku up to $227 million over a 10-year period.
Tianwei earlier this year had agreed to a contract with Hoku. It brings Tiawei's total orders with Hoku to about $511 million.
Hoku said it now has $353 million in prepayment commitments toward the plant and that this was enough to keep the procurement and construction of the plant on track through the first quarter of next year. It said it is evaluating market conditions to determine when to raise additional project funds through either a debt or equity offering.
Hoku said the company also has begun looking to expand the plant's production capacity from 3,850 tons annually to 4,400 tons. It also is looking at how much the capacity cost would increase building costs.
Hoku is building the facility to take advantage of the surging market for polysilicon, a material used in the cells of photovoltaic panels and in computer chips.
ISLE FAO SCHWARZ OPENING DELAYED
FAO Schwarz has postponed until Nov. 3 the planned opening of one of its toy stores inside Macy's at Ala Moana Center.
The store originally was scheduled to open this week.
The "store-within-a-store" will carry an array of toys including plush stuffed animals, cars, trucks and trains, and other items available only at FAO Schwarz stores, the New York-based company said.
FAO Schwarz has said it plans to open outlets in nearly 700 Macy's department stores over the next two years in a move that both stores hope will drive traffic in a tough economic environment.
DEVELOPMENT PLAN HEARING IS OCT. 15
The Hawai'i Community Development Authority on Oct. 15 will hold a public hearing on the Ward Neighborhood master plan proposed by developer General Growth Properties.
The public may testify at the hearing on the development plan for roughly 60 acres at Ward Centers by signing up at the meeting.
The meeting will be in the Cupola Theatre at 1250 Kapi'olani Blvd. inside Honolulu Design Center, and is scheduled to start at 5:30 p.m.
For more information about the hearing or the plan, visit www.hcdaweb.org or call 587-2870.
TAX ADVOCATE VISITS ISLES SEPT. 25
Nina E. Olson, the National Taxpayer Advocate, will visit Hawai'i to listen and discuss taxpayer concerns about the Internal Revenue Service.
Olson is scheduled to hold a town hall meeting with Hawai'i taxpayers at Paki Hale in Kapi'olani Park on Sept. 25 at 6 p.m. The event is open to the public and is free.
Olson heads the Taxpayer Advocate Service, an independent organization within the IRS. Its workers assist taxpayers with problems, and the office maintains at least one local taxpayer advocate in each state.
The office is holding the session to give individual and businesses a forum to discuss their problems with the IRS and tax administration.
