Solar energy projects set to flourish in MENA region

More funds are to be raised from financial institutions and investors for the $ 1.6 billion (SR 6 billion) polysilicon venture planned in Malaysia by an affiliate of Jubail-based Project Management & Development Company (PMD), according to officials. Polysilicon is used to make solar power panels. Solar energy in particular is a logical industry to take off and flourish in Malaysia and Asia Pacific region, as well as in the MENA region, say key executives involved with the project. The plant, one of the largest in Asia, will be one of the lowest cost polysilicon producers in the world. The 25,000 ton per annum polysilicon manufacturing plant is expected to commence production in 2016. The National Bank of Abu Dhabi (NBAD) has been appointed as the financial adviser and lead arranger for the fund raising exercises by Cosmos Petroleum & Mining Sdn. Bhd. (Cosmos). Cosmos is an investment, mining and holding company, headquartered in Kuala Lumpur and is an affiliate company of PMD, based in Jubail Industrial City. The company will undertake the development of the proposed plant, located at Samalaju Industrial Park, Bintulu, Sarawak, under the SCORE initiative (Project). The project will be owned and operated by Cosmos Chemicals Berhad, a subsidiary of Cosmos. NBAD has been appointed by Cosmos as the financial adviser and lead arranger to raise funds for the development of this project. This exercise is expected to bring on-board contribution and participation from local and foreign financial institutions and investors, particularly from the Middle East and Southeast Asia. Cosmos was granted an allocation of 250 acres of land at Samalaju Industrial Park by Sarawak State for the Project. Sarawak Energy Berhad will supply electricity to the Project. In addition, MIDA/MITI have issued a manufacturing license and pioneer status to this project. “The polysilicon project is in line with Sarawak government’s SCORE initiative of promoting green and sustainable energy solutions leading to further development of industrial base in the state,” says Majed Al-Ahmadi, chairman of PMD and Cosmos. Anand R. Iyer of Cosmos Petroleum & Mining Sdn. Bhd., said: “NBAD has been appointed as financial adviser to the project based on their excellent track record as a leading project finance and advisory institution.” “Renewable sources of energy will remain a priority globally, and solar energy in particular is a logical industry to take off and flourish in Malaysia and Asia Pacific region, as well as in the MENA region,” says Mark A. Yassin, senior general manager of Global Banking at NBAD. “NBAD is supportive of the polysilicon industry and we are very delighted to have been appointed as financial advisers for this prestigious project,” he said. Leong See Meng, CEO of National Bank of Abu Dhabi Malaysia Berhad (NBAD Malaysia), said: “NBAD is the preferred gateway for Arab businesses investing in Malaysia.” He added: “NBAD has extensive cross border financial advisory experience and the capability to support projects with a continuum of financial services.” Cosmos Project is part of a major heavy industrial manufacturing development in Sarawak and is in line with the state’s Industrial Development Policy to further develop the industrial and manufacturing sectors in Sarawak. With the excellent support from the state government, MIDA and MITI, complemented by substantial funds from investors, Cosmos and NBAD are committed to the completion of the project which will contribute significantly to the local economy in many ways, including the boosting of various job opportunities for local people. Majed Al-Ahmadi, chairman of PMD and Cosmos; Anand R. Iyer, director of Cosmos Petroleum & Mining Sdn. Bhd.; S. Juvarajan, CEO of Cosmos Petroleum & Mining Sdn. Bhd.; Mark A. Yassin, senior general manager of Global Banking at NBAD; and Leong See Meng, CEO of National Bank of Abu Dhabi Malaysia Berhad, attended the signing ceremony. Souce: ArabNews