Qatar Solar Technologies secures US$1 billion financing for polysilicon manufacturing

Qatar Solar Technologies (QSTec) has secured financing for the construction of its US$1 billion polysilicon manufacturing plant from local bank Masraf Al Rayan.

Located in Ras Laffan Industrial City, the plant will initially produce 8,000 metric tonnes per year of polysilicon to produce enough solar energy to power around 240,000 homes for an entire year.

With the adoption of solar power on the increase in the Middle East and Africa, QSTec aims to increase production to become one of the world’s leading integrated solar companies, working in line with the Qatar National Vision 2030.

Dr Khalid Klefeekh Al Hajri, chairman and CEO of QSTec said, “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.

“The development of the solar industry in Qatar brings with it tremendous opportunities. The growth in the 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. The interest displayed in QSTec by the local financial community demonstrates the economic strength of Qatar and we are proud to say that we are able to finance major projects like QSTec from the Qatari banking sector.” Dr Hajri added.

Adel Mustafawi, CEO of Masraf Al Rayan said, “It is a matter of great privilege for Masraf Al Rayan to be a part of this process. The fact that we have been named to finance the construction of the Qatar Solar Technologies’ polysilicon manufacturing plant reinforces our reputation as one of the leading Islamic banks, and supports the fact that since our inception, we have succeeded in creating a benchmark in Islamic banking services in Qatar and the neighbouring region as a whole.”

Dr Khalid Klefeekh Al Hajri, Chairman and CEO of QSTec added, “In the not too distant future, you will see solar modules in Qatar from QSTec’s own polysilicon and exported to the world.”