Polysilicon is used in solar power to transform sunlight into electricity AL-KHOBAR: Saudi-based Polysilicon Technology Co. (PTC) has signed a $380 million deal to build a polysilicon plant in the Kingdom, it said Sunday, as the leading oil exporter seeks to shift toward solar power. Polysilicon is used in solar power to transform sunlight into electricity. Polysilicon Technology Company is a 50:50 joint venture between Mutajadedah Energy Company (MEC) of Saudi and KCC Corporation of Korea (KCC). KCC is a leading construction and fine chemicals company and a global producer of polysilicon. MEC is a local Saudi Company owned by Swicorp Joussour Company (SJC) and Chemical Development Company (CDC) incorporated to invest across the solar energy value chain in Saudi Arabia. "KCC is a very strong partner with tremendous technical and R&D capabilities and have great interests in investing in the kingdom. They have existing polysilicon plants operating in Korea which will allow them to add significant value to the execution and operation of the project ensuring its success and timely start up," stated Walid Al-Shoaibi, chairman of MEC. "The Polysilicon Project in Jubail is only our first step. PTC intends to expand the plant to an annual capacity of 12,000 metric tonnes as well as continue further downstream into the manufacturing of Ingot and Wafers" added Ibrahim Al-Humaidan, executive director & chief executive of PTC. The plant will be located in Jubail, on the Gulf coast of Saudi Arabia and will have an initial production capacity of 3,350 tons of solar grade polysilicon. Saudi Arabia is seeking to diversify its energy resources, turning to solar and eventually nuclear to reduce its need to burn fuel oil for electricity and so preserve its oil for lucrative export markets. The first phase of the project will be up and running by the first quarter of 2014, Ibrahim Al-Humaidan, executive director of PTC told reporters. When all three phases of the project are complete – at a cost of around $1.2-$1.5 billion – in 2017, its polysilicon capacity will rise to 12,000 tons, Humaidan added.
