China-based polysilicon maker Daqo New Energy has almost doubled its annual production capacity from 6,200 tonnes to 12,000 tonnes in an expansion project totaling US$22 million, and will invest another US$59 million to further expand capacity to 25,000 tonnes, according to China-based media reports.

The further expansion is meant to meet rising demand for polysilicon, the reprots said, adding polysilicon average selling price rose 15.85% from US$18.67/kg in fourth-quarter 2013 to US$21.63/kg in first-quarter 2014.

To fund the expansion, the Nasdaq-listed Daqo plans to raise US$69.3 million by issuing new shares, the sources indicated.