Qatar, Germany set up solar power JV

A state-run foundation in the natural gas-rich state of Qatar says it is setting up a joint venture plant with Germany's SolarWorld to produce the main ingredient in solar panels.

Qatar Foundation says the deal marks "the first phase" in the Gulf state's push into the solar energy field. The deal gives Qatar Foundation a 70 percent stake in the project, and Qatar Development Bank another 1 percent. Bonn, Germany-based SolarWorld will hold the rest. The companies will set up a plant in northern Qatar to produce 3,500 tons of polysilicon annually. Qatar Foundation says the deal, announced Monday, is valued at more than $500 million.