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FINANCIAL NEWS
MBM Holdings to build $400m solar plant
04 Aug 2010
(MENAFN) MBM Holdings has revealed the establishment of MBM Solar Holding, which will build a $400 million solar-grade polysilicon plant in the UAE, Emirates 24/7 reported.
A spokesperson for the company saidt that the plant will have a total capacity of 2,500 tonnes per year of high-quality product and is expected to start production in early 2012.
The project will be developed jointly with ERC Private Limited Singapore, which has extensive experience of developing similar plants. It will utilise ERC’s existing designs that will shave off at least 18 months from a typical project lead-time.
The project will be the first upstream plant of its kind to be constructed in the UAE and has synergies with Abu Dhabi’s focus on downstream solar projects.
Currently, MBM is in negotiations with authorities for land and power for the project. It will be constructed on an area of about 250,000 square metres.
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.
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