Qatar Solar Technologies, known as QSTec, said on Tuesday it has obtained financing for a $1bn polysilicon plant from Masraf Al Rayan.
In line with the Qatar National Vision 2030, QSTec is building a solar energy industry in the Gulf state, it said in a statement.
The company said there is a growing demand within Qatar for solar technologies and applications that are "sustainable, reliable and that will bring a lasting benefit to the region and the world".
It added that solar energy will compliment the vast amounts of energy created from natural gas in Qatar.
Dr Khalid Klefeekh Al Hajri, chairman and CEO of QSTec, said: "The signing of this deal with Masraf Al Rayan is a significant milestone for QSTec and a major step in the development of a new industry for Qatar – the solar Industry."
He added: "The development of the solar industry in Qatar brings with it tremendous opportunities. The growth in the demand for solar applications and technologies can only expand in Qatar, the region and the world yet will preserve our natural resources at the same time."
QSTec said it hopes to expand and create many more solar energy solutions in Qatar and also exporting to the rest of the world.
Al Hajri added: "In the not too distant future, you will see solar modules in Qatar from QSTec's own polysilicon and exported to the world."
QSTec's $1bn polysilicon manufacturing plant, located in Ras Laffan Industrial City, will initially produce 8,000 metric tonnes per year of polysilicon.
These solar modules will capture enough solar energy to power around 240,000 homes for a year.
QSTec said it aims to become one of the world's leading integrated solar companies.
