Al Rajhi named advisor for Saudi solar project
Riyadh, January 19, 2013
Idea International Polysilicon Company (IPC) has appointed Al Rajhi Capital as financial advisor for its integrated project to produce Polysilicon, ingots and solar wafers in Yanbu Industrial City at the Western Region of Saudi Arabia.
Al Rajhi Capital will provide financial advisory services for IPC's project, including studying the financing alternatives and subsequently applying the selected strategic financing plan as well as the negotiating and signing of the financing agreement.
IPC's polysilicon, ingots and wafers project will be the largest manufacturing facility in the Middle East for the production of high-purity polysilicon with a total capacity of 10,000 tons a year, of which 4,000 tons will be converted into solar wafers.
IPC also aims to support the development of Saudi Arabia’s non-oil based energy sector for the long term through its future plans to expand into downstream production of solar cells and panels, as well as developing and operating PV solar power plants.
One of the leading Islamic investment banks in Saudi Arabia, Al Rajhi Capital has built a strong foothold within the financial advisory services practice and has recently added to its track record the successful closure of key mega transactions in the equity capital markets and debt advisory.
Al Rajhi Capital is the latest consultant to be appointed for this project. Other recent appointments include Technip as the project's PMC contractor.-TradeArabia News Service