Swicorp Joussour Company, a Saudi joint stock company capitalised at SR2.67 billion ($712 million) and launched by Swicorp, announced that it has partnered with Chemical Development Company (CDC) of Saudi Arabia, and NorSun of Norway to invest in the construction of a polysilicon plant in Jubail Industrial City, Saudi Arabia.

NorSun will initially own 50 per cent of the shareholding in the company, with Swicorp Joussour and CDC holding the balance. The transaction is aligned with Swicorp Joussour Company’s focus on energy and energy-intensive industries that leverage the competitive advantages of the region. 
Both NorSun and SunPower will be off-takers of the project.  Commercial production is planned to commence in 2010 with an initial capacity of 3,000 tonnes per year. 
“Jubail is an excellent location for this polysilicon plant allowing Swicorp Joussour and its partners to benefit from the world-class infrastructure and competitive energy costs in the kingdom,” commented Faysal Hamza, executive director, private equity, Swicorp Joussour.  “In addition, this project is a very compelling investment for our shareholders with the solar industry’s projected growth of more than 30 per cent across the value chain and its contribution towards developing alternative energy in the region.”  
  In the Middle East, alternative energy is a new area of interest that has gained attention due to the pressing need for economies to look towards diversified energy sources for future generations. Ibrahim Al Humaidan, president of CDC, said: “Harnessing diversified sources of energy is critical to the development of tomorrow’s economies. We are proud to be involved in launching with our partners the first plant of its kind, creating a nucleus for the solar industry in the kingdom of Saudi Arabia.”  
Swicorp was the lead sponsor at the Emerging Markets Private Equity Forum in New York from 27 to 28 March.
Founded in Switzerland in 1987, Swicorp has its headquarters in Riyadh and offices in Jeddah, Dubai, Tunis, Tehran and Geneva. With over 20 years of experience in mergers and acquisitions, private equity and principal investment across the Mena region, Swicorp has established itself as one of the leading players in the growing investment banking, private equity and principal investment sectors of the region.