Qatar Solar Technologies (QSTec) has secured a US$1bn loan to construct a polysilicon manufacturing facility in Qatar.
The project will become one of the largest solar projects in the Middle East to date.
Qatari bank Musraf Al Rayan provided the loan, and RBS acted as financial advisor. Law firm Milbank, Tweed, Hadley & McCloy represented QSTec in the transaction.
The funds will be used to construct a manufacturing plant in Ras Laffan, Qatar, which once completed will produce enough solar energy to power 240,000 homes a year.
Khalid Klefeekh Al Hajri, chairman and chief executive officer of QSTec says that the company expects to eventually export its polysilicon materials to other markets globally.
He adds that the new plant represents “a major step in the development of a new industry in Qatar for solar energy. The growth in demand for solar applications and technologies will only expand in Qatar, the region and the world while preserving our natural resources”.
Last Updated June 07, 2012
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