SolarWorld acquires stake in Qatar solar producer

SolarWorld will acquire a 29 percent stake in the newly founded Joint Venture Qatar Solar Technologies headquartered in the Emirate of Qatar. The joint venture will establish the first production facility for polysilicon on the Arabian Peninsula.

SolarWorld, which has its U.S. headquarters in Hillsboro, is joined in the investment by the Qatar Foundation and the Qatar Development Bank.

Qatar Solar Technologies will invest more than $500 million in construction of the production facility with a planned annual capacity of around 3,600 tons of high-purity polysilicon in its first stage. Production is expected to begin in the second half of 2012.

SolarWorld's investment in the project further secures its supply of solar-grade silicon for use in the manufacture of silicon wafers.