The First Energy Bank of Bahrain plans to build a polysilicon plant in Saudi Arabia to serve an increasing demand for solar energy generation in the Middle East. The Bank said it is teaming up with Project Management & Development Co. in Saudi Arabia to build the factory, which would cost about US$1BN, reported Reuters news agency. The factory will have an annual capacity of 7,500/t; production is set to begin in 2013. The Islamic bank plans to finance the project with 40% equity & 60% debt. Part of that debt would come from the Saudi government. The developers already have signed an off-take agreement with Vinmar Int (USA), a petrochemical seller in Houston. Countries in the Middle East are eager to invest in solar & other renewable energy manufacturing & generation. They see such investments as necessary to lessen their dependence on oil consumption & production. Abu Dhabi, part of the United Arab Emirates, has invested in solar panel manufacturing and installations. Kuwait plans to solicit bids next year for a solar power plant. Saudia Arabia wants to build a 2-megawatt solar farm at its King Abdullah University of Science and Technology.
