May 29 2012
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QSTec secures local financing of US$1billion polysilicon plant
Doha, Qatar, 29 May 2012 - Qatar Solar Technologies (QSTec) signed the financing agreement at QSTec's West Bay headquarters on Tuesday for the construction of QSTec'sUS$1 billion polysilicon manufacturing plant.
The financing was secured locally in Qatar by Masraf Al Rayan which signals the tremendous strength within the local economy. Huge interest was generated from both local and international finance corporations however Masraf Al Rayan was successful in closing the financing deal.
In line with the Qatar National Vision 2030, QSTec is building a brand new industry of solar energy in Qatar - one of the most important and exciting industries in the world right now. There is a growing demand within Qatar for solar technologies and applications that are sustainable, reliable and that will bring a lasting benefit to the region and the world. Solar energy compliments the energy created from natural gas and the use of solar power alongside gas will both preserve and protect the country's natural resources.
"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.
Qatar Solar Technologies ' number one priority is providing solar solutions that are the very best quality, efficient and sustainable. QSTec will soon be producing high quality, solar grade polysilicon, the key ingredient that goes into making the world's most efficient solar technologies such as solar cells and modules that convert the power of the sun into energy. This solar energy will provide a sustainable alternative source of energy whilst conserving and protecting Qatar's natural resources for the future.
In time, QSTec hopes to expand and create many more solar energy solutions here in Qatar- not just benefitting Qatar but the rest of the world too by protecting the environment.
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."
QSTec's US$1 billion polysilicon manufacturing plant, located in Ras Laffan Industrial City, will initially produce 8,000 metric tonnes per year of polysilicon. By the time this is transformed into solar modules, these solar modules will capture enough solar energy to power around 240,000 homes for an entire year.
Mr Adel Mustafawi, Group CEO of Masraf Al Rayan added, "our partnership with Qatar Solar Technologies , a subsidiary of Qatar Foundation, is aligned with our constant support to Qatari national companies in an attempt to provide them with the best financial solutions that help them extend their businesses and enhance their financial positions and projects in line with the Qatar National Vision 2030."
QSTec aims to become one of the world's leading integrated solar companies, with its products used locally in Qatar and exported globally, ensuring a sustainable industry for Qatar whilst reducing greenhouse gas emissions worldwide.
QSTec has already been internationally recognized as a solar leader within the region. In December 2011 QSTec was awarded the New Economy Magazine's Clean Tech and New Energy Award for Best Joint Venture (Middle East/Africa) at a ceremony at the London Stock Exchange.
- Ends -
About Qatar Solar Technologies:
Qatar Solar Technologies (QSTec), with a vision to become a world leading integrated solar energy company is a joint venture formed between Qatar Solar (a wholly owned subsidiary of Qatar Foundation for Education, Science and Community Development), SolarWorld AG and Qatar Development Bank. QSTec's US$1Bn polysilicon manufacturing plant, located in RasLaffan Industrial City, will initially produce 8,000 MTPA polysilicon for use in the solar industry before vertically integrating along the solar value chain. QSTec's has acquired the advanced second generation technology for solar grade polysilicon production from Centrotherm Photovoltaics of Germany.
Qatar Solar Technologies (QSTec) has already been internationally recognised as a solar leader within the region. In December 2011 QSTec was awarded the New Economy Magazine's Clean Tech and New Energy Award for Best Joint Venture (Middle East/Africa) at a ceremony at the London Stock Exchange.
For more information please contact:
Corporate Communications Specialist
Qatar Solar Technologies
Phone: +974 4454 6668
About Masraf Al Rayan
Masraf Al Rayan (MAR) was incorporated as Qatari Shareholding Company in line with the provisions of Article (68) of the Companies Law No. (5) for 2002, and established on 4th January 2006, and licensed by Qatar Central Bank. As per its Articles of Association, the bank is engaged in banking, financing and investing activities in conformity with the Principles of Islamic Shari'a. Its strategic vision of the future is to be a leading and innovative international Islamic financial institution. Al Rayan Investment is also the investment-arm of Masraf Al Rayan and operates on the Qatar Financial Centre, which completes the circle for Masraf Al Rayan as being a full-fledged Islamic bank.
© Press Release 2012
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