Qatar Solar secures $1bn for first polysilicon plant

Qatar Solar Technologies (QST), a joint venture between SolarWorld and several Qatari entities, says it has pinned down $1bn in financing for its flagship polysilicon plant, despite record low polysilicon prices.

The money will be stumped up by Qatari bank Masraf Al Rayan, with QST chief executive Khalid Klefeekh Al-Hajri calling the deal “a major step in the development of a new industry” for Qatar, the world’s largest exporter of liquefied natural gas.

QST did not provide an updated timeline for the polysilicon foundry, and did not immediately respond to request for comment.

However, as of late last year it expected to commence production by late 2013.

The plant will initially produce 8,000 metric tonnes a year from Ras Laffan Industrial City, which…

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