The state of Tennessee has agreed to provide $64.2 million for the huge Wacker Chemical development in Bradley County.
The Tennessee Economic and Community Development Department voted Thursday to provide the funding to Wacker Chemie AG.
The Wacker plant is expected to be about the size of Hamilton County's Volkswagen development.
The funds will go through the Southeast Tennessee Development District.
The $64.2 million is the estimated project cost for the state portion of infrastructure for the plant.
Funding will include $7.3 million in capital outlay from current funds. The remaining $56.9 million will be secured through bonds.
Officials said, "This is a grant for the acquisition of equipment and
acquisition, site preparation, erection, construction and equipment of sites and buildings and infrastructure improvements and development including, but not limited to, sewer, water, utility infrastructure and rail
infrastructure, with TVA to perform the electrical infrastructure work."
It was noted that Wacker Chemie AG is currently the world’s second largest producer of hyperpure polycrystalline silicon.
Wacker has manufactured polysilicon for more than 50 years and has steadily expanded its capacity to meet
rising solar-silicon demand in the photovoltaic industry (solar panels), officials said.
The plant, which will have about 500 employees, is due to get underway late this year or early next year.