Rusnano has increased from 60% to 79% its share in the company Sherigo Resources Limited, based in the British Virgin Islands, participating in the project of production of polycrystalline silicon, used in solar energy, site RusCable reports citing Rusnano.

The assets were received by Rusnano on December 27, 2011, the deal details have yet to be disclosed.

“Increase of Rusnano’s share in Sherigo Resources was caused by another tranche, aimed at development of polysilicon production. Rusnano intends to actively develop projects in the sector of solar energy,” Rusnano said.

Polycrystalline silicon is the main semiconducting material, used in modern microelectronics and power electrotechnical materials, solar energy, micromechanics. Over 80% of all solar elements in the world are produced based on polycrystalline silicon. Main facilities for production of polycrystalline silicon are located in the USA, Japan, Germany, Italy and China.

In the end of December 2011 the Federal Antimonopoly Service has approved Sherigo Resources’ application on getting rights on managing Nitol Group, the vertically integrated company within the international group Nitol Solar Ltd., engaged in production of polycrystalline silicon.

Sherigo Resources will get these rights after having purchased 100% shares in Cyprus-based Insqu Prodction Ltd., the owner of 99.99% shares in Nitol Group.

Nitol in December 2010 produced the first batch of polycrystalline silicon at its new plant in Irkutsk region. The production complex is being created at the basis of the project company Usolye-Sibirsky Silicon in the town of Usolye-Sibirskoye of Irkutsk region, with participation of Rusnano, Sberbank and the Eurasian Bank of Development.

RUSNANO was established in March 2011 as an open joint-stock company through reorganization of state corporation Russian Corporation of Nanotechnologies. RUSNANO's mission is to develop the Russian nanotechnology industry through co-investment in nanotechnology projects with substantial economic potential or social benefit. The Government of the Russian Federation owns 100 percent of the shares in RUSNANO. Anatoly Chubais is chairman of the Executive Board of RUSNANO.