DUBAI, August 2, 2010 /PRNewswire/ -- MBM Holdings has announced the formation of MBM Solar Holding Inc., which will build a 2500MT/a solar-grade polysilicon plant in the UAE. The planned polysilicon plant will have a total capacity of 2,500 tons per annum of high quality solar-grade polysilicon product and is expected to start production in early 2012. The project is being sponsored by MBM Holdings and will be developed jointly with ERC Private Limited Singapore which has an extensive experience in developing similar plants. This $400M project will be the first upstream plant of its kind to be constructed in the UAE and has synergies with Abu Dhabi's focus on downstream solar projects. Currently MBM is in negotiations with local authorities for land and power for this project. MBM's vision is to take UAE to the forefront of the solar energy industry in the MENA and subcontinent. The project will be the first of its kind in the Middle East to produce polysilicon as it utilizes ERC's existing designs that will shave off at least 18 months from a typical project lead-time.
The project will be constructed in total area of approximately 250,000 square meters in a yet to be decided location. MBM Holdings will soon give out a mandate to an Investment Bank to seek the residual parts of equity and debt for this project. The feasibility study has been conducted and the project engineering partners have been identified. This state-of-the-art plant will use the latest equipment and produce polysilicon at prices competitive to Chinese or Middle East plants being planned. Sheikh Mohammed bin Maktoum Bin Juma Al Maktoum, Chairman of MBM commented that "ERC Singapore is our equity and technology partner given their worldwide networks, technical-commercial expertise, existing management team and their ability to plan and execute a project in record time." He opines that MBM Solar Holding Inc. will form the anchor for supporting other private sector developers in the solar downstream sector. He added further that the plant will be build to accommodate incremental production capacity so as to increase production beyond 2500MT/a.
Mr. Kassym Abzhanov, Director of ERC stated that "The project will be the bank's first major strategic initiative in renewable sector and will benefit from the world class infrastructure available in the UAE in terms of facilities and personnel. We are proud to work with MBM Holdings who have a track record in Dubai and a strong reputation for excellence. MBM has an excellent partnership approach and the right people to execute the strategy. This project will be lucrative for sovereign and private investors in MENA."
The project is in line with the declaration of Green Dubai 2008 by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. The declaration included the announcement of green building legislation in the UAE, the first of its kind in the world, which is being implemented in new buildings from the start of 2008, and the beginning of Dubai's objective of a pioneering role in sustainable development. The development of the MBM Polysilicon project is in line with the Dubai government's economic diversification strategy and its thrust on alternative energy. It also supports the UAE's industrial base expansion plans with the anticipated development of the downstream sector of the solar energy chain. It is envisioned that MBM Solar will forward integrated into the solar value chain and also will spawn downstream activities solar manufacturing. This project enables the creation of employment opportunities within UAE, helping diversify its economic base.
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SOURCE MBM Holdings