NorSun AS has signed a joint venture agreement with the Saudi Arabian companies Swicorp-Joussour (Swicorp) and Chemical Development Company (CDC) an entity having the Olayan Group and the Shoabi Group as major shareholders. The purpose of the agreement is to establish a joint venture company with the aim to build and operate a polysilicon complex in the industrial city of Jubail in Saudi Arabia.
26/01/2008 :: The production capacity of polysilicon at the initial plant will be the equivalent of 500 MW per year. Commercial production is planned to commence in 2010. The site will allow for subsequent expansions up to an annual production capacity equivalent to 2000 MW.
In conjunction with the joint venture agreement, NorSun has signed a 10 year off-take agreement for 50% of the output of the initial plant capacity. NorSun and SunPower Corporation have also signed a put/call agreement for half of NorSun’s initial shareholding in the new company. NorSun will initially own 50% of the shareholding in the company, while Swicorp and CDC will hold 25% each.
About Swiscorp and CDC
Swicorp is a private equity firm based in the Middle East. CDC is a private stock company owned by four major private groups in Saudi Arabia; Olayan, Shoaibi, Al-Mojel and Salman Al-Jishi. CDC is headquartered in Khobar, the Eastern province of Saudi Arabia, and is mandated to invest in petrochemical and energy intensive industries.
NorSun contact persons:
Jon Hindar, CEO
+47 974 15 000 or +47 977 48 829
Sven Røst, Communications Director
+47 932 53 196