Bahrain-based First Energy Bank plans to build a $1bn polysilicon plant in Saudi Arabia with a local partner to cater to rising regional investments in solar power, the company said on Tuesday.
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.
Kuwait plans to start a tender competition next year for a solar energy plant that it hopes will one day provide 5 percent of its energy needs, and Saudi Arabia plans to build a two-megawatt solar power plant at its King Abdullah University of Science and Technology (KAUST).
Source: Arabian Business