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QSTec secures financing for polysilicon plant

Masraf Al Rayan’s support a boost for solar industry in Qatar

| | Aug 16, 2012 | 4:50 pm
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Masraf Al Rayan’s support a boost for solar industry in Qatar

Qatar Solar Technologies (QSTec) has announced signing the financing agreement at QSTec’s West Bay headquarters for the construction of its $1 billion polysilicon manufacturing plant. The financing was secured locally in Qatar by Masraf Al Rayan, which, QSTec says, signals the tremendous strength within the local economy.

L-R: Adel Mustafawi and Dr Khalid Klefeekh Al Hajri at the signing

Dr Khalid Klefeekh Al Hajri, Chairman and CEO of QSTec, dubbed the signing of the deal as a significant milestone for his organisation and a major step in the development of the solar industry in Qatar. He believed that the plant would not only contribute to sustainability, projects like QSTec from the Qatari banking sector,” Dr Al Hajri said.

Adel Mustafawi, Group CEO of Masraf Al Rayan, added: “It is a matter of great privilege for Masraf Al Rayan to be a part of this process. The fact that we have been named to finance the construction of the Qatar Solar Technologies’ polysilicon manufacturing plant reinforces our reputation as one of the leading Islamic banks, and supports the fact that since our inception, we have succeeded in creating a benchmark in Islamic banking services in Qatar and the neighbouring region as a whole.”

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