Muscat – United Solar Holding, which is developing the world’s most advanced polysilicon manufacturing facility in the Sohar Freezone through its subsidiary United Solar Polysilicon (USP), has announced that USP has secured $480mn in term debt financing from the International Finance Corporation (IFC) and partner banks.
In addition, the company said USP has secured more than $400mn in term debt and working capital facilities from local commercial banks.
Oman Investment Authority’s (OIA) Future Fund Oman has become United Solar’s largest shareholder, with a total investment of approximately $260mn, reflecting strong sovereign confidence in the company’s growth prospects and long-term strategy.
USP is expected to begin polysilicon production later this year, according to an Oman News Agency report.
Once completed, the $1.6bn plant – backed by several investors – will be the Middle East’s largest and only operational polysilicon manufacturing facility, with a planned annual production capacity of 100,000 tonnes.
Polysilicon is a critical upstream material in the global solar photovoltaic (PV) value chain. At full capacity, the facility at Sohar Freezone is expected to support the production of approximately 40 gigawatts of solar modules annually. Through this project, USP aims to strengthen the resilience and diversification of the global solar PV supply chain.
Polysilicon produced at the facility will be fully traceable, supporting transparency and competitiveness across downstream markets.
Mulham al Jarf, OIA’s Deputy President for Investment, said, “The successful financial close reflects a true team effort, supported by the Omani government’s agility and strong international confidence in Oman’s economy, OIA as the largest shareholder, and United Solar Polysilicon’s ability to deliver a world-class project that responds to the global energy transition.”
He added, “This project will create employment opportunities for Omanis and enable SMEs, while establishing a foundation for future upstream projects and downstream renewable energy integration. It underscores OIA’s commitment to diversifying funding through partnerships with leading institutions such as the IFC, and will drive expansion into solar cell and module production, amplifying its long-term economic impact.”
Sam Zhang, Founder and Chairman of United Solar, said, “This is a transformative moment for United Solar and the global solar industry. With the support of OIA and IFC, we are building the infrastructure needed to strengthen the global solar supply chain and ensure manufacturers have reliable access to high-quality, traceable polysilicon that meets the world’s most rigorous standards.”
Binyam Girogis, Group CFO and Board Director of United Solar, said, “United Solar is proud to partner with IFC and our banking partners on this landmark transaction. The participation of leading international and regional financiers demonstrates their confidence in the quality of the project, the strength of our team, and the underlying commercial opportunity. More than 80% of our capital has been provided by Omani institutions, regional and local banks, and the IFC. For us, this level and diversity of participation validates our investment thesis and underscores Oman’s attractiveness as a destination for long-term industrial investment.”
Ashruf Megahed, IFC’s Regional Industry Head for Manufacturing, Agribusiness and Services in the Middle East and Central Asia, said, “Together with United Solar Polysilicon, Oman Investment Authority and our international partners, we are committed to strengthening Oman’s export capacity, diversifying the global polysilicon supply chain and enabling pioneering projects such as this one. By reinforcing industrial capabilities, the project will significantly expand polysilicon exports, contribute to the growth of global energy production and support Oman’s long-term economic diversification and industrial transformation.”
