Solar Energy Momentum Building in the Middle East as Qatar Banks Finance $1.1 Billion Polysilicon Plant

ocal banks have come together to finance Qatar’s first solar-grade polysilicon production plant, a planned $1.1 billion, 8,000-metric-ton facility being built by Qatar Electricity and Water (QEWC) and Qatar Solar Technologies (QSTec), a joint venture of the Qatar Foundation that supports efforts to transform the Gulf Coast country’s economy from a carbon-based to a knowledge-based one.

Doha-based Masraf Al Rayan secured financing for the QSTec-QWEC polysilicon plant in Ras Laffan Industrial City, Stage One of which is expected to be completed in the second half of 2013. “The signing of this deal with Masraf Al Rayan is a significant milestone for QSTec and a major step in the development of a new industry for Qatar — the solar Industry,” stated QSTec CEO and Chairman Dr. Khalid Klefeekh Al Hajri.

Momentum for solar energy is building across the Middle East, as local populations continue to grow rapidly, putting greater demands on water and other scarce natural resources. At the same time, more of an environmental ethic that places greater emphasis on quality of life and preserving biodiversity and the physical environment is taking root… Read more

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