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FINANCIAL NEWS
PST signs USD380m deal for solar cell plant
01 Mar 2011
(MENAFN) The Executive Director and CEO of Polysilicon Technology Co. (PST), Ibrahim Al-Humaidan, said that the company signed a USD380 million deal with Hyundai Engineering Co. and KCC Engineering and Construction Corporation, to build a polysilicon factory in Jubail to produce solar-energy cell material, reported Arab News.
Al-Humaidan said that the contract includes the engineering, procurement and construction of Phase 1 of the plant.
The CEO said that the plant is expected to produce 3,350 metric tons of solar grade polysilicon every year. However, PTC aims to increase the capacity of the plant to an annual of 12,000 metric tons.
Al-Humaidan said that Polysilicon is the raw material used in the solar industry, which is changed into ingot, wafers and then into solar cells which would be placed into panels to produce electricity from the sun.
It is worth noting that PST is a joint venture between Mutajadedah Energy Co. (MEC) of Saudi Arabia and KCC Corp. of Korea (KCC).
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