Masdar succeeded in getting US$615mn in financing from banks for the worlds biggest concentrated solar power plant (CSP).

Polysilicon Technology Co. (PST) signed an engineering, procurement and construction contract to set up a polysilicon plant in Jubail to manufacture solar-energy cell material.

The signing of the Shams 1 solar power project financing in the UAE last month has opened the way for a burgeoning in renewable energy in the Gulf, said Standard & Poors Ratings Services in a new report.

Saudi Arabia expects renewable sources to contribute greater amounts to its total energy consumption as its need for power triples over the next two decades.