United Solar closes $1.6 bn funding

MUSCAT, JULY 6
United Solar Polysilicon has completed a $1.6 billion capital raising for its polysilicon manufacturing project in Sohar after securing the financial close of a $50 million equity investment from the International Finance Corporation (IFC), the private sector arm of the World Bank Group.
The investment marks the final tranche of funding for the Middle East's largest polysilicon manufacturing facility and reinforces Oman's ambitions to become a global hub for clean energy manufacturing under Oman Vision 2040.
The company said IFC has now arranged and mobilised more than 30 per cent of the total project financing, underscoring international confidence in United Solar's governance, environmental and social standards, traceability and long-term commercial viability.
United Solar's 100,000-tonne-per-year polysilicon plant, located in Sohar Free Zone, began operations in January 2026 and is expected to reach full production capacity by the end of the year. The facility produces high-purity polysilicon, the key raw material used in the manufacture of solar photovoltaic (PV) cells and modules.
The company said the investment also strengthens its position as a Foreign Entity of Concern (FEOC)-compliant supplier, providing fully traceable polysilicon to leading global solar manufacturers. The designation is particularly significant for customers in the United States and other advanced markets, where sourcing requirements for clean energy supply chains have become increasingly stringent.
United Solar said its production base in Oman, combined with the Oman Investment Authority's (OIA) position as its largest shareholder through Future Fund Oman, offers manufacturers access to a diversified and transparent supply chain that supports eligibility for clean energy incentives.
'The closing of IFC's investment completes our approximately $1.6 billion capital raise and is a powerful endorsement of United Solar's standards, governance and long-term commercial strength,' said Binyam Giorgis, Group Chief Financial Officer of United Solar Holding.
'With the backing of the World Bank Group, and on the foundation laid by the Oman Investment Authority, we are delivering world-class, fully traceable polysilicon that tier-one manufacturers need — and doing so as an FEOC-compliant producer they can rely on as they build resilient, diversified supply chains,' he added.
The IFC said its investment reflects confidence in the project's contribution to sustainable industrial development and economic diversification in Oman.
'This equity investment completes our landmark support for the Middle East's largest and only operational polysilicon manufacturing facility,' said Ulyana Dovbush, IFC Regional Industry Manager for Manufacturing, Agribusiness and Services in the Middle East, Pakistan and Afghanistan.
'Aligned with Oman's vision, this investment will help create thousands of jobs, attract foreign direct investment, accelerate economic diversification, and strengthen the role of the private sector in driving sustainable growth beyond oil,' she said.
At full capacity, the Sohar facility is expected to produce enough polysilicon annually to support the manufacture of around 40 gigawatts of solar modules, sufficient to generate electricity for up to 12 million homes worldwide. The project is also expected to avoid an estimated 8.8 million tonnes of greenhouse gas emissions each year.
United Solar Holding said the project will create nearly 3,000 direct and indirect jobs while strengthening Oman's position in the global renewable energy supply chain and supporting the country's long-term industrial diversification strategy.