Saudi joint stock firm Swicorp Joussour Company (SJC), Chemical Development Company (CDC) of Saudi Arabia and Norway's NorSun have formed a partnership agreement to invest in the construction of a polysilicon solar energy plant in the industrial city of Jubail in Saudi Arabia.
NorSun will initially own 50% of the shareholding in the company, with SJC and CDC holding the balance. The transaction is aligned with SJC's focus on energy and energy-intensive industries.
Commercial production is due to begin in 2010 with an initial capacity of 3,000 metric tons per year.
"This project is a very compelling investment with the solar industry's projected growth of more than 30% across the value chain and its contribution towards developing alternative energy in the region," commented Faysal Hamza, executive director, private equity, Swicorp Joussour.
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