SolarWorld plans stake in UAE plant


19/09/2009 00:00 AST

SolarWorld, Germanys third-biggest solar company by revenue, is planning to take a stake in an polysilicon plant in the UAE, its chief executive said.

"Depending on the size of the stake, the investment could be up to $500 million," Frank Asbeck said, adding that this could be financed through equity capital and external funding.

Asbeck -- who is in the UAE as part of a German delegation around Juergen Ruettgers, the premier of North Rhine-Westphalia -- said by telephone that the decision on the plants location and the size of the stake would be decided by the end of the year.

Falling margins and overcapacities have forced German solar companies -- such as SolarWorld and Q-Cells -- to expand into new markets, most notably China and the United States, where large subsidy programmes are being implemented.

Reuters
Economic and Business News
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | News Archive
Most Viewed Companies
Ticker Price Volume
GFH 0.46 3,578,848
QNBK 135.9 109,396
SABIC 98.06 2,513,945
DSI 0.39 45,711,538
AMLAK 1.09 12,534,009
EEC 18.03 354,774
AIRARABIA 1.12 4,055,524
Recent News

$32bn worth urban projects 'at tendering stage in GCC'
As many as 801 construction projects with a combined estimated value of Dh117.44 billion ($32 billion) are currently in the tendering stage in the GCC's urban construction sector, according to a repo

Drake & Scull to proceed with Fairmont Abu Dhabi MEP works
Drake & Scull International (DSI), a regional market leader in engineering and related services, has announced that it will proceed with the mechanical, electrical and plumbing (MEP) works for the Fa

Engie completes $762m investment in Tabreed
The National Central Cooling Company (Tabreed) has announced the successful completion of an investment of approximately Dh2.8 billion ($762.32 million) by Engie, a global energy company, to acquire

UAE Central Bank deposits top $33 billion in H1
The total value of monetary deposits at the UAE Central Bank amounted to Dh123 billion ($33.5 billion) during the first half (H1) of the year, Dh122.95 billion of which are in banknotes and Dh50 mill

Qatar sovereign wealth fund trims Credit Suisse stake
The Qatar Investment Authority has reduced its shareholding in Credit Suisse Group to 4.94 percent, amid the Middle Eastern nation’s diplomatic crisis with neighbouring countries.

The coun

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?