DUBAI-Locally-based MBM Holdings has formed the subsidiary MBM Solar Holding Inc. to build a $400 million solar energy cell plant somewhere in the United Arab Emirates. A 2.7-million-square-foot location for the plant has yet to be decided, as negotiations for land are ongoing.
The polysilicon plant will have a total capacity of 2,500 tons per year, according to MBM. ERC Private Limited Singapore is partnering with MBM to build the plant, to be operational by 2012.
Sheikh Mohammed bin Maktoum bin Juma Al Maktoum, chairman of MBM said in a statement that the subsidiary will form an anchor for supporting other private-sector developers in the solar downstream sector. The plant will be built to accommodate additional capacity as needed, he said in a statement.
The project is part of the Green Dubai 2008 sustainability declaration by Shaikh Mohammed bin Rashid Al Maktoum, VP and prime minister of the UAE and ruler of Dubai. “The project will be the bank’s first major strategic initiative in the renewable sector and will benefit from the world-class infrastructure available in the UAE in terms of facilities and personnel,” said Kassym Abzhanov, director of ERC, in a statement.
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