Hoku Materials (nasdaq: HOKU - news - people ), reflecting the diminished values of the polysilicon suppliers.

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Based in Kapolei, HI, Hoku, which is also building a polysilicon plant in Pocatello, ID, has contracts with Solar-Fabrik and Sanyo Electric.

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It also gives potential lenders of its project financing package encouragement that Hoku will be in a better position to repay loan.

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"Signing this term sheet is a milestone step towards financing the construction of our polysilicon plant, " said DustinShindoDustin Shindo, Hoku's chief executive.

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"Signing this term sheet is a milestone step towards financing the construction of our polysilicon plant, " said Dustin Shindo , Hoku's chief executive.

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Stone said the Hoku contribution will come through a combination of cash on hand, existing credit lines, customer payments, and possibly an equity sale.

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Still, while Hoku shares are up to previous levels, Stone believes the real driver for the stock will come when the project financing package is finally signed.

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