Saudi Arabian firm Project Management & Development Company Co. Ltd (PMD) has contracted its Kuala Lumpur affiliate Cosmos Petroleum & Mining Sdn Bhd to own and operate the plant when production starts. The polysilicon manufactured will be used in PV production.
The plant is expected to be one of the biggest in Asia once completed. PMD chairman Majed Al-Ahmadi added that the project is in line with Sarawak's initiative of promoting green and sustainable energy solutions, leading to further development of industrial base in the state.
The Malaysian unit of National Bank of Abu Dhabi, which opened last October, has been engaged to raise funds for the project. The project is expected to draw investment from the Middle East and Southeast Asia according to the bank.
"This is our largest mandate for project finance to-date. The $1.6 billion will be a mixture of debt and equity," stated Leong See Meng, chief executive of National Bank of Abu Dhabi, Malaysia.
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