First Energy Bank has appointed Gulf International Bank (GIB) as the financial advisor for its planned $1 billion solar plant in Saudi Arabia, it said on Sunday.

Bahrain-headquartered GIB, which is owned by the Saudi government, will advise First Energy on the debt and equity funding for the project.

First Energy said in November that the plant will produce polysilicon for solar panels and said it would be financed through 40 per cent equity and 60 per cent debt. Saudi industrial group Project Management and Development Co is a partner in the project.-Reuters