Swicorp Joussour, Chemical Development Company and NorSun to build polysilicon plant

NorSun will initially own 50% 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.

This project has attracted two top tier companies to the region, NorSun and SunPower (Nasdaq: SPWR), both of which will be off-takers of the project. 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.

"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 Mr. 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% 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, which has gained recent attention due to the pressing need for economies to look towards diversified energy sources for future generations. Mr. 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."

Today's announcement was made as Swicorp prepares to attend and speak at the Emerging Markets Private Equity Forum in New York from 27 to 28 March. Swicorp are lead sponsors at the event, where private equity emerging markets fund managers and investors will gather to discuss the latest developments in global emerging markets, examine optimum ways of accessing and deploying capital and network with peers from around the world.

Swicorp is a diversified financial services firm operating through an extensive network of offices in the Middle East and North Africa. Founded in 1987 and licensed by the Capital Market Authority of the Kingdom of Saudi Arabia, Swicorp has an extensive track record of pioneering transactions across the MENA region over the last 20 years. Swicorp's offices in Riyadh, Jeddah, Tunis, Dubai and Algiers provide in-depth local knowledge, plus its Geneva presence (offering financial advisory services) and proximity to major European financial centres provides access to international corporations and leading edge expertise.