Saudi Arabia’s Al-Rajhi Capital has been appointed financial adviser on the development of a polysilicon plant at Yanbu.

Idea Polysilicon Company (IPC), set up by a group of regional businesses, named the bank financial adviser on its $1.1bn plant that will produce 10,000 tonnes a year of solar wafers to be used in production of solar panels.

IPC already has a gas allocation from Saudi Aramco and a land allocation from the Royal Commission for Jubail and Yanbu. In November 2012 the company appointed Technip E&C to provide project management and engineering services for the project.

The project is one of several polysilicon schemes planned in Saudi Arabia to capitalise on the potential of the solar industry in the kingdom.