Bahrain-based First Energy Bank envisages to set up USD 1 billion polysilicon facility in Saudi Arabia with a local cooperator in order to cater to increasing regional investments in solar power. Polysilicon is utilized in the production of solar panels. Kuwait is exploring options to commence a tender competition in the upcoming year for a solar energy facility that it hopes will one day offer 5% of its energy requirements, and Saudi Arabia projects to establish a 2 mega watt solar power facility at its King Abdullah University of Science and Technology (KAUST).

Bahrain's First Energy Bank (FEB) has announced that it has purchased 9% stake in the Al Dur Independent Water and Power Production project.

In a proclamation, the bank said that the acquirement of the equity stake entails an investment of 50 million Bahraini dinars (about USD 132.6 million). USD 2.2 billion Al Dur facility, situated on the southeast coast of Bahrain, is the major of its kind in the country.

The project is likely to generate 1,234 MW of power and 48 million gallons of water when it is fully functional in the summer of fiscal 2011.