IFC sees United Solar as diversification catalyst

MUSCAT, JULY 8
The International Finance Corporation (IFC) views its investment in United Solar Polysilicon's $1.6 billion manufacturing facility in Suhar as a strategic step towards building a new high-value industrial sector in Oman while strengthening the global clean energy supply chain, a senior World Bank Group official said.
In an exclusive interview with the Observer, Wendy Werner, World Bank Group Country Manager for Oman, said the project stood out because of its scale, job creation potential and ability to position Oman as a critical player in the renewable energy value chain.
The comments follow the financial close of IFC's $50 million equity investment in United Solar, the final tranche of the company's $1.6 billion capital raise. IFC has now arranged and mobilised more than 30 per cent of the total project financing for the Middle East's largest and only operational polysilicon manufacturing facility.
'Because of its scale and potential, this $1.6 billion facility is large enough to anchor an entirely new industry in Oman, backing the country's vision', Werner said.
She said the project's expected creation of around 3,000 direct and indirect jobs closely aligns with the World Bank Group's priority of supporting private sector-led employment and sustainable economic growth.
'United Solar is the Middle East's only operational, large-scale polysilicon manufacturing facility, putting Oman on the map as a high-technology, critical link in a key supply chain for renewable energy', she said. 'All of this makes it a direct match for what the region needs most: a private sector-led engine of quality jobs'.
United Solar's 100,000-tonne-per-year facility in SOHAR Port and Freezone began operations in January and is expected to reach full production capacity by the end of 2026. The plant produces high-purity polysilicon, a key raw material used in solar photovoltaic cells and is expected to support the production of around 40 gigawatts of solar modules annually.
Werner said IFC's support extends well beyond financing, describing the investment as evidence that Oman can attract international capital into advanced manufacturing industries.
'Beyond the capital, this project is a proof point', she said. 'It serves as evidence that Oman can compete for global capital and plug into industries of the future'.
She added that locating the region's largest polysilicon plant in Oman helps shift the country's economic base towards high-value manufacturing while strengthening the resilience of the global solar supply chain.
'At the same time, a project of this scale helps diversify where the world's solar supply chain is built, giving Oman a genuine foothold in that industry's future growth, enhancing the global supply chain; and improving the traceability of polysilicon', Werner said.
The project is backed by the Oman Investment Authority through Future Fund Oman, with United Solar positioning itself as a fully traceable, Foreign Entity of Concern (FEOC)-compliant supplier to leading global solar manufacturers. The company says the facility will also help avoid an estimated 8.8 million tonnes of greenhouse gas emissions annually through the deployment of solar energy worldwide.