Qatar Solar Technologies (QSTec) said it has secured financing from country's leading Islamic bank Masraf Al Rayan for its ambitious $1 billion polysilicon manufacturing plant project.

QSTec is a joint venture between Qatar Solar, a wholly-owned subsidiary of Qatar Foundation for Education, Science and Community Development, SolarWorld and Qatar Development Bank.

The financing was secured locally in Qatar which signals the tremendous strength within the local economy, said a top official after signing the financing agreement at QSTec’s West Bay headquarters on Tuesday.

“The signing of this deal with Masraf Al Rayan is a significant milestone for QSTec and a major step in the development of a new industry for Qatar – the solar industry,” remarked Dr Khalid Klefeekh Al Hajri, the chairman and CEO of QSTec.
 
'The development of the solar industry in Qatar brings with it tremendous opportunities. The growth in the demand for solar applications and technologies can only expand in Qatar, the region and the world yet will preserve our natural resources at the same time,' he remarked.

'Huge interest was generated from both local and international finance corporations however Masraf Al Rayan was successful in closing the financing deal,' he revealed.

Adel Mustafawi, Group CEO of Masraf Al Rayan said, 'It is a matter of great privilege for us to be a part of this process. The fact that we have been named to finance the construction of the QSTec polysilicon plant reinforces our reputation as one of the leading Islamic banks.'

'It also supports the fact that since our inception, we have succeeded in creating a benchmark in Islamic banking services in Qatar and the neighbouring region as a whole,' he explained.

Al Hajri said QSTec will soon be producing high quality, solar grade polysilicon, the key ingredient that goes into making the world’s most efficient solar technologies such as solar cells and modules that convert the power of the sun into energy.

“In the not too distant future, you will see solar modules in Qatar from QSTec’s own polysilicon and exported to the world,” he added.
 
QSTec's polysilicon plant, located in RasLaffan industrial city, will initially produce 8,000 metric tonnes per year of polysilicon.

By the time this is transformed into solar modules, these solar modules will capture enough solar energy to power around 240,000 homes for an entire year.-TradeArabia News Service