Swicorp, CDC and NorSun to build polysilicon plant in Jubail
Posted: 31 March 2008
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Swicorp Joussour Company has partnered with Chemical Development Company (CDC) of Saudi Arabia, and NorSun of Norway to invest in the construction of a polysilicon plant in the industrial city of Jubail in the Kingdom of Saudi Arabia.
The production capacity of polysilicon at the initial plant will be the equivalent of 500 MW per year. Commercial production is planned to commence in 2010. The site will allow for subsequent expansions up to an annual production capacity equivalent to 2000 MW, the company said.
This project has attracted two top tier companies to the region, NorSun and SunPower, both of which will be off-takers of the project.
NorSun will initially own 50% of the shareholding in the company, with Swicorp Joussour and CDC holding the balance. The transaction is aligned with Swicorp Joussour Company’s focus on energy and energy-intensive industries that leverage the competitive advantages of the region.
“Jubail is an excellent location for this polysilicon plant allowing Swicorp Joussour and its partners to benefit from the world class infrastructure and competitive energy costs in the Kingdom,” said Faysal Hamza, Executive Director, Private Equity, Swicorp Joussour.
“In addition, this project is a very compelling investment for our shareholders with the solar industry’s projected growth of more than 30% across the value chain and its contribution towards developing alternative energy in the region.”
In the Middle East, alternative energy is a new area of interest, which has gained recent attention due to the pressing need for economies to look towards diversified energy sources for future generations.
“Harnessing diversified sources of energy is critical to the development of tomorrow’s economies. We are proud to be involved in launching with our partners the first plant of its kind, creating a nucleus for the solar industry in the Kingdom of Saudi Arabia,” said Ibrahim Al Humaidan, President of CDC. |
