First Energy Bank appoints GIB as a Financial Advisor to the Saudi Polysilicon project in Saudi Arabia
First Energy Bank appointed Gulf International Bank (GIB) as the exclusive financial advisor to the debt and equity funding for Saudi Polysilicon Project, the first polysilicon production plant of its kind to be constructed in the Kingdom of Saudi Arabia.The Saudi Polysilicon Project is being sponsored and developed by Bahrain based Cosmos Industrial Investment Corporation B.S.C. (c) (Cosmos), a subsidiary of First Energy Bank (FEB), in partnership with Project Management and Development Company (PMD), a Saudi based industrial group.
The planned world-scale polysilicon plant will have a total capacity of 7,500 tons per annum of high quality solar-grade polysilicon product and is expected to start production in 2013.
The plant will be constructed on a total area of approximately 375,000 square meters in Jubail Industrial City 2. Land and power for the project have already been allocated by the relevant authorities. It is envisaged that through this project, Saudi Arabia will be placed at the forefront of the solar energy industry in the MENA region.
Mr. Anand Iyer, Cosmos Chief Executive Officer, commented that “GIB has been selected to provide the financial advisory based on its proven track record and strong relationships with the region’s top businesses and investor community.”
“The project is being developed on a fast track execution schedule by Cosmos which enjoys support and techno-commercial expertise from its strategic partners FEB and PMD. We believe that GIB’s addition to the project will further strengthen the project development activities and achieve successful completion” said Mr. Iyer.
Mr. Mohamed Ghanem, Deputy CEO of First Energy Bank commented that “The Saudi Polysilicon Project is the bank’s first major strategic initiative to invest in the renewable energy sector in the region and will benefit from the world class infrastructure and support facilities at Jubail.”
Mr. Ghanem added that the Saudi Polysilicon project will be one of the low cost producers in the world and would provide an attractive investment opportunity to the investors.
Dr. Yahya Alyahya, GIB’s Chief Executive Officer, said: “We are very pleased to contribute to this project by offering financial advice on equity and debt raising. GIB is in a unique position to understand clients’ requirements and to provide them with tailored, innovative financial solutions.” Dr. Alyahya also emphasised the importance of supporting private sector developers of energy-based industrial projects.
GIB is a leading merchant bank in the Middle East with its principal focus on the Gulf Cooperation Council states. With a proven track record spanning more than 30 years, GIB provides client-led, innovative financial products and services to a wide customer base in the region, including investment banking, capital markets debt securities, private equity, asset management, project and structured finance and Islamic banking. The Bank’s financial advisory services in KSA are provided through its Riyadh-based subsidiary, GIB Financial Services.