Build it and they will come, or so the saying goes.

But Daqo New Energy Corp. (DQ.US; 688303.SH) is taking no chances, or at least it isn’t assuming that solar wafer makers will automatically line up to buy its products as it embarks on a massive expansion to triple its capacity over the next few years. Following its announcement of a modest new supply agreement in February, the leading maker of polysilicon has just announced a similar, but much-larger, agreement.

The bigger story is that polysilicon makers are scrambling to add new capacity as prices have soared to record heights over the last two years on booming demand for the main component in solar cell production. The solar building frenzy has gained extra momentum this year following Russia’s invasion of Ukraine, which has increased western countries’ resolve to wean themselves from reliance on fossil fuels that are Russia’s biggest export.