Cosmos team up with global firms to build world-class polysilicon facility in Malaysia
- GTAT to supply latest polysilicon equipment and technology under USD 336 million contract
- The proposed facility puts Malaysia on the solar energy world map
- NBAD lead financial advisor
Kuala Lumpur, 19 March, 2014: Cosmos Chemicals Berhad (Cosmos) signed a USD 336 million ‘Technology License and Major Equipment Supply Contract’ with GT Advanced Technologies Inc, USA (NASDAQ: GTAT) for Cosmos’ polysilicon facility being built in Samalaju Industrial Park, Sarawak, Malaysia under the SCORE initiative (Complex).
The Complex is designed to produce 25,000 tons per year of high quality solar and electronics grade polysilicon, and will be a world-class, high-volume polysilicon manufacturing facility that will bring the latest state-of-the-art polysilicon technology to Malaysia. The Complex will be owned and operated by Cosmos and will include GTAT’s full range of polysilicon technology including trichlorosilane, CVD reactors and other product handling and processing systems. Furthermore, it will comprise of utility units and offsite facilities.
Cosmos Chemicals Berhad (Cosmos) is a subsidiary of Cosmos Petroleum and Mining Sdn Bhd headquartered in Kuala Lumpur, Malaysia and an affiliate of Al Jubail, Kingdom of Saudi Arabia based Project Management & Development Company (PMD).
Cosmos was granted an allocation of 250 acres of land at Samalaju Industrial Park by Sarawak State for the Complex. Sarawak Energy Berhad will supply electricity to the Complex. In addition, MIDA/MITI has issued a manufacturing license and pioneer status to the Complex. The polysilicon plant, one of the largest in Asia, is expected to be one of the lowest cost polysilicon facilities in the world.
Speaking at the event to mark the technology license and equipment award, Mr. Majed Abdullah Al Ahmadi, Chairman and Managing Director of Cosmos Chemicals Berhad, said: “The polysilicon project is in line with the Sarawak government’s SCORE initiative of promoting green and sustainable energy solutions, leading to further development of the industrial base in the State.”
Mr. Anand R. Iyer, Chief Financial Officer and Board Member of Cosmos Chemicals Berhad, said: “We are delighted to be signing the technology license and equipment supply agreement with GT Advanced Technologies Inc. today, as it represents a major milestone towards the plant coming on line by the target date.”
“GT is excited to be supplying our latest full suite of polysilicon equipment and technology for the Cosmos Chemicals Berhad polysilicon project,” said Dave Keck, Vice President and general manager of GTAT’s Polysilicon Business Unit. “GT has a successful track record of helping new market entrants establish world-class polysilicon production operations. Our proven polysilicon technology gives customers the ability to quickly achieve nameplate production capacity for high-quality, low-cost polysilicon.”
Cosmos had earlier appointed the Merchant Banking team at National Bank of Abu Dhabi PJSC as lead financial advisor for both the private placement of equity and raising of project finance debt for the Complex.
“Polysilicon is an important industry given the growth in demand for solar energy. This is why NBAD is supportive of the Polysilicon industry and we are very delighted with Cosmos’ continued progress,” said Mark Yassin, the Senior Managing Director of Global Banking of NBAD.
Leong See Meng, the Chief Executive Officer of National Bank of Abu Dhabi Malaysia Berhad (NBAD Malaysia), added: “We are proud of our involvement with Cosmos as it represents a key milestone to bridge the flow of Arab investments into Malaysia in line with our aspiration to be the choice conduit for Arab investments.”
Cosmos’ Complex is part of a major heavy industrial manufacturing development in Sarawak and consistent with the State’s Industrial Development Policy to further develop the industrial and manufacturing sectors in Sarawak. With support from the Federal Government, Sarawak State Government, MIDA and MITI, complemented by substantial funds from investors, Cosmos is committed to the completion of the project, which will contribute significantly to the local economy in many ways – including job opportunities for Malaysians.