Saudi Arabia’s Polysilicon Technology Company (PTC) is approaching financial close on its $550m polysilicon project.

The firm has put together a bank group consisting of the local Alinma Bank, Banque Saudi Fransi and SABB. The three banks are set to sign commitment letters for the project later in July and financial close is targeted for late August.

The project is a joint venture of the local Mutajadedah Energy Company and South Korea’s KCC Corporation and will initially produce around 3,350 tonnes of polysilicon to be used in the production of solar panels. KCC has agreed to buy all the polysilicon produced.

The project has been working on funding for around the past year.