Hyundai, KCC E&C Signs $380 mln Polysilicon Plant in Saudi

Saud Arabia’s Polysilicon Technology Co (PTC) has signed a $380 million deal with South Korea’s Hyundai Engineering Co. and KCC Engineering and Construction Corp. to build a polysilicon plant in the country, as the PTC seeks to shift toward solar power.

Polysilicon is used in solar power to transform sunlight into electricity.

The plant will be located in Jubail, on the Gulf coast of the nations and will have an initial production capacity of 3,350 tonnes of solar grade polysilicon

The first phase of the construction will be up and running by the first quarter of 2014. When all three steps of the project are complete in 2017, at a cost of around $1.2~1.5 billion, its capacity will rise to 12,000 tonnes.

PTC is a joint venture between Saudi Mutajadedah Energy Co and South Korea’s KCC Corp.

(아주경제 송지영 기자)

AJP