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Qatar Solar Tech looks to secure $1bn financing

Milbank advises firm on solar manufacturing financing

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QSTec's plant will produce enough solar modules to power 240,000 homes each year. (GETTY IMAGES)
QSTec's plant will produce enough solar modules to power 240,000 homes each year. (GETTY IMAGES)

Milbank, Tweed, Hadley & McCloy LLP have announced that they have represented Qatar Solar Technologies (QSTec) as the solar firm looks to secure US $1 billion in financing for the construction of a manufacturing facility. The plant is set to be located In Qatar’s Ras Laffan Industrial City, and will be one of the largest solar industry projects in the Middle East.

Financing for the deal is being provided by Qatar’s Masraf Al Rayan, with Royal Bank of Scotland acting as QSTec’s financial advisor for the deal. John Dewar, chair of Milbank’s Islamic Finance Practice, said that the facility would help QSTec become one of the premier sources of high-grade solar modules in the Middle East region.

“The commitment by QSTec in developing such an ambitious polysilicon manufacturing facility in the heart of the Gulf is a milestone for advancing solar energy in the region. That is further reflected by the scale of the single-source financing from Masraf Al Rayan,” Dewar adds.

QSTec Chairman and CEO Dr Khaldi Klefeekh Al Hajri said that his company is aiming to eventually export it polysilicon materials to other global markets.

“The growth in demand for solar applications and technologies will only expand in Qatar, the region and the world while preserving our natural resources,” he said.

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