International law firm Milbank, Tweed, Hadley & McCloy has advised Qatar Solar Technologies (QSTec) on its $1 billion financing for construction of a manufacturing plant in Ras Laffan, one of the largest solar projects in development in the Middle East.

QSTec’s new plant will produce some 8,000 metric tons annually of polysilicon, which when converted to solar modules, is expected to capture enough solar energy to power 240,000 homes per year.

Milbank’s deal team was led by London project finance partner John Dewar, chair of the firm’s Islamic Finance Practice. He was supported by Milbank associate Munib Hussain, also out of the London office.

“The commitment by QSTec in developing such an ambitious polysilicon manufacturing facility in the heart of the Gulf is a milestone for advancing solar energy in the region,” Dewar said. “We are pleased to be working with QSTec in taking the next critical step in becoming the one of the premiere sources for high-grade solar modules in the Middle East.”

Qatari bank Masraf Al Rayan is providing the financing for the project and Royal Bank of Scotland has acted as financial adviser to QSTec. ALB

Shaheen Pasha is Middle East Regional Editor at ALB. Follow her on Twitter: @ALB_TheBrief.

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