Qatar Solar Technologies (QSTec) announced the financing from Masraf Al Rayan Bank for the construction of a brand new $1 billion polysilicon manufacturing plant.
As reported in PVTech, the plant will be located in Ras Laffan Industrial City and have the ability to produce over 8,000 metric tons of polysilicon annually, which would produce enough solar energy to power 240,000 homes for a full year.
With this deal QSTec is quickly joining the ranks of the world’s leading integrated solar companies, especially given its proximity to the emerging Middle East and African markets. Dr. Khalid Klefeekh Al Hajri, the chairman and CEO of QSTec recently stated, “The signing of this deal with Masraf Al Rayan [Bank] is a significant milestone for QSTec and a major step in the development of a new industry for Qatar—the solar industry.”
Dr. Hajri went on to explain, “The development of the solar industry in Qatar brings with it tremendous opportunities. The growth in demand for solar applications and technologies can only expand in Qatar, the region and the world yet will preserve our natural resources at the same time. It is all about sustainability and this new industry growth will offer a wide range of research, investment, entrepreneurship and employment opportunities.”
Qatar Solar Company Lands $1 Billion Financing Deal originally appeared in Green Chip Stocks. Green Chip Review is a free 2x-per-week newsletter, is the first advisory to focus exclusively on investments in alternative and renewable energies.