MANAMA: Bahrain-based First Energy Bank (FEB) Tuesday announced the establishment $1 billion polysilicon production facility, the first of its kind and scale in the region, in the Saudi city of Jubail. Polysilicon is used in the production of solar panels. The Gulf Arab region is trying to capture more of its solar and wind energy, thereby reducing its consumption of oil.
Vahan Zanoyan, chief executive of FEB, an Islamic investment bank, said the project would cost about $1 billion, and be financed through a 40 percent equity stake and 60 percent debt. Zanoyan said a portion of the debt would be provided by the Saudi government and the bank was in advanced talks with commercial banks to raise the remainder. Zanoyan also said the project has signed an off-take agreement with US-based Vinmar International.