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Qatar Solar Technologies (QSTec) has secured financing from Masraf Al Rayan Islamic Bank for the construction of its US$1 billion polysilicon manufacturing plant
"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," said QSTec chairman and chief executive officer Khalid Klefeekh Al Hajri.
"The interest displayed in QSTec by the local financial community demonstrates the economic strength of Qatar and we are proud to say that we are able to finance major projects like QSTec from the Qatari banking sector."
According to the company, the plant will initially produce 8,000 metric tonnes per year of polysilicon, the key ingredient that goes into making solar cells and modules.
The solar modules are expected to capture enough solar energy to power around 240,000 homes in the country for an entire year.
"In the not too distant future, you will see solar modules in Qatar from QSTec's own polysilicon and exported to the world," added Al Hajri.
QSTec is a joint venture between SolarWorld, Qatar Development Bank and Qatar Solar.