Saudi firm in deal to build $1bn solar project
Riyadh, February 8, 2012
Saudi-based Idea Polysilicon Company (IPC), a top integrated polysilicon and solar wafers firm, has signed an agreement with Germany's Centrotherm Photovoltaic to help develop its SR4 billion ($1.06 billion) industrial complex in Yanbu.
As per the deal, Centrotherm, a leading technology and equipment provider for the photovoltaic industry, will offer the technical know-how and basic engineering design for the upcoming polysilicon and solar wafers manufacturing complex.
The project will be the largest manufacturing facility in the Middle East for the production of highly-pure polysilicon with a total capacity of up to 10,000 tons per year, of which 2500 tons will be converted to solar wafers.
IPC plans to issue tenders for the engineering services and supervision of the project, said Marwan Al Ghurair, chairman of the board of Idea Polysilicon after signing the deal with Dirk Stenkamp, COO of Centrotherm Photovoltaic.
“During the past four years the company has worked with the relevant authorities to provide all the factors that will enable the project to succeed including the allocation of land for the plant, gas, provision of electricity and all other facilities necessary to operate the plant,' Al Ghurair noted.
'In addition, we have conducted studies on quality standards and market requirements, as well as the choice of technology in collaboration with engineering companies worldwide,' he added.
Dr Basel Abu-Sharkh and Dr Abdul-Basit Andijani, consultants to IPC, said the plant capacity was optimized and the most advanced technologies have been selected in order to save on energy and raw materials and lower the capital cost, making the plant a global cost leader that will be very competitive.
A memorandum of understanding was also signed to supply all the raw materials required for this industrial project.
The industrial complex will contribute to Saudi's strategic aim of diversifying its non-oil economy and developing the renewable energy sector to provide alternative sources of energy, in addition to creating 1,000 local job opportunities in its various facilities, observed Al Ghuraiar.
The company also has future plans to expand into the production of solar cells and panels as well as establishing solar powerplants, he added.-TradeArabia News Service
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