MBM Solar Holding is to construct a solar-grade polysilicon plant in the UAE. The facility will have a total capacity of 2,500 tons per annum and is expected to start production in early 2012. The project is being sponsored by MBM Holdings and will be developed jointly with ERC Private Limited Singapore.
This US$400M, 250,000m2 project will be the first upstream plant of its kind to be built in the UAE and the first facility in the Middle East to produce polysilicon. MBM is also currently in negotiations with local authorities for land and power for this project.
MBM Holdings will give out a mandate to an investment bank to seek the residual parts of equity and debt for this project. The feasibility study has been conducted and the project engineering partners have been identified.
Sheikh Mohammed bin Maktoum Bin Juma Al Maktoum, chairman of MBM said, “ERC Singapore is our equity and technology partner given their worldwide networks, technical-commercial expertise, existing management team and their ability to plan and execute a project in record time.”
Kassym Abzhanov, director of ERC said, “The project will be the bank’s first major strategic initiative in renewable sector and will benefit from the world class infrastructure available in the UAE in terms of facilities and personnel. We are proud to work with MBM Holdings who have a track record in Dubai and a strong reputation for excellence. MBM has an excellent partnership approach and the right people to execute the strategy. This project will be lucrative for sovereign and private investors in MENA.”
The project is in line with the declaration of Green Dubai 2008 by His Highness Shaikh Mohammed bin Rashid Al Maktoum, vice-president and prime minister of the UAE and ruler of Dubai.