Plans for solar polysilicon plant in UAE announced
US$400 million plant will start production by early 2012.
MBM Holdings, a Dubai-based investment firm, has announced it will build a US$400 million plant producing solar-grade polysilicon in the UAE.
The plant will have a total capacity of 2,500 tonnes per annum of high-quality product and is expected to start production in early 2012. Polysilicon is the material used in solar panels.
MBM has formed MBM Solar Holdings for the project, which will be developed jointly with ERC Private Limited Singapore. ERC's existing designs will shave off at least 18 months from a typical project lead-time, says MBM in a press release.
"ERC Singapore is our equity and technology partner given their worldwide networks, technical-commercial expertise, existing management team and their ability to plan and execute a project in record time,” said MBM chairman Sheikh Mohammed bin Maktoum bin Juma Al Maktoum.
MBM will soon give out a mandate to an investment bank to seek the residual parts of equity and debt for the project. The feasibility study has been conducted and the project engineering partners have been identified.
This state-of-the-art plant will use the latest equipment and produce polysilicon at prices competitive to Chinese or Middle East plants being planned, says the company.