IslamicFinance.de

Bahrain-based First Energy Bank (FEB) plans to build a $1 billion polysilicon production plant in Saudi Arabia with a local partner to cater to rising regional investments in solar power. The project is spearheaded by the strategic partner, FEB and the techno-commercial developer, Project Management and Development Company (PMD). It will cover a total area of approximately 375,000 square meters in Al Jubail Industrial City 2, and is expected to start production in 2013. The project will have a total production capacity of 7,500 tons per annum. It is expected that future expansion of the project facility (in second phase) would include investments in downstream sector. The project has achieved key milestones like the signing of the power supply agreement with Saudi Electricity Company (SEC).