Taiwan-based polysilicon maker Powertec Energy has obtained equity investment of NT$700 million (US$23.2 million) from Taiwan's National Development Fund through private placement, according to the company.

The investment will help Powertec obtain loans from banks, the company indicated. Powertec plans to add paid-in capital of NT$3.6 billion through the private placement.

Powertec is a joint venture established by Taiwan-based electrical/telecom wire/cable maker Walsin Lihwa, engineering consultant CTCI Corporation and solar-grade crystalline silicon wafer maker Sino-American Silicon Products.

Powertec has nearly completed its first factory, with initial annual production capacity of 6,000 tonnes of polysilicon to come into operation in April 2015, the company said.