Qatar Solar Technologies (QSTec) signed the financing agreement at QSTec’s West Bay headquarters on Tuesday for the construction of QSTec’sUS$1 billion polysilicon manufacturing plant.
The financing was secured locally in Qatar by Masraf Al Rayan which signals the tremendous strength within the local economy. Huge interest was generated from both local and international finance corporations however Masraf Al Rayan was successful in closing the financing deal.
In line with the Qatar National Vision 2030, QSTec is building a brand new industry of solar energy in Qatar – one of the most important and exciting industries in the world right now. There is a growing demand within Qatar for solar technologies and applications that are sustainable, reliable and that will bring a lasting benefit to the region and the world. Solar energy compliments the energy created from natural gas and the use of solar power alongside gas will both preserve and protect the country’s natural resources.
Dr Khalid Klefeekh Al Hajri, Chairman and CEO of QSTec said, “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.”
“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. It is all about sustainability and this new industry growth will offer a wide range of research, investment, entrepreneurship and employment opportunities. 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” Dr Hajri added.
Mr Adel Mustafawi, Group CEO of Masraf Al Rayan said, “It is a matter of great privilege for Masraf Al Rayan to be a part of this process. The fact that we have been named to finance the construction of the Qatar Solar Technologies’ polysilicon manufacturing plant reinforces our reputation as one of the leading Islamic banks, and 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.”
Qatar Solar Technologies’ number one priority is providing solar solutions that are the very best quality, efficient and sustainable. 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. This solar energy will provide a sustainable alternative source of energy whilst conserving and protecting Qatar’s natural resources for the future.
In time, QSTec hopes to expand and create many more solar energy solutions here in Qatar– not just benefitting Qatar but the rest of the world too by protecting the environment.
Dr Khalid Klefeekh Al Hajri, Chairman and CEO of QSTec added, “In the not too distant future, you will see solar modules in Qatar from QSTec’s own polysilicon and exported to the world.”
QSTec's US$1 billion polysilicon manufacturing plant, located in Ras Laffan 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.
Mr Adel Mustafawi, Group CEO of Masraf Al Rayan added “our partnership with Qatar Solar Technologies, a subsidiary of Qatar Foundation, is aligned with our constant support to Qatari national companies in an attempt to provide them with the best financial solutions that help them extend their businesses and enhance their financial positions and projects in line with the Qatar National Vision 2030.”
QSTec aims to become one of the world’s leading integrated solar companies, with its products used locally in Qatar and exported globally, ensuring a sustainable industry for Qatar whilst reducing greenhouse gas emissions worldwide.
QSTec has already been internationally recognized as a solar leader within the region. In December 2011 QSTec was awarded the New Economy Magazine’s Clean Tech and New Energy Award for Best Joint Venture (Middle East/Africa) at a ceremony at the London Stock Exchange.