Muscat: United Solar Holding (United Solar) on Monday has secured more than $850 million in debt financing to complete funding for its $1.6 billion, state-of-the-art polysilicon manufacturing facility in Oman, positioning the Sultanate of Oman as a key player in the global solar supply chain.
The financing package includes $480 million in term debt from the International Finance Corporation (IFC) and partner banks, alongside over $400 million in term debt and working capital facilities from local commercial banks. Oman Investment Authority’s (OIA) Future Fund Oman has emerged as United Solar’s largest shareholder, with an investment of about $260 million.
The 100,000-metric-tonne plant, operated by United Solar Polysilicon (FZC) SPC, is expected to begin production in the first quarter of 2026. Once operational, it will be the Middle East’s largest and only polysilicon manufacturing facility, capable of supporting around 40 gigawatts of solar module production annually.
Polysilicon produced at the facility will be fully traceable and compliant with leading international standards, including US Foreign Entity of Concern (FEOC) requirements, reinforcing its access to global markets.
Mulham al Jarf, OIA’s Deputy President for Investment, said the financial close reflected strong international confidence in Oman and the project. “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 responding to the global energy transition,” he said.
He added that the project would generate employment for Omanis, enable SMEs and lay the groundwork for further upstream and downstream renewable energy investments. “It underscores the Authority’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,” Al Jarf said.
Sam Zhang, Founder and Chairman of United Solar, described the milestone as pivotal. “With OIA and IFC’s support, 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,” he said.
Group CFO and Board Director Binyam Girogis noted that more than 80 per cent of the capital came from Omani institutions, regional and local banks, and the IFC. “This level and diversity of participation validates our investment thesis and underscores Oman’s attractiveness as a destination for long-term industrial investment,” he said.
Ashruf Megahed, IFC Regional Industry Head for Manufacturing, Agribusiness, and Services in the Middle East and Central Asia, said the project would boost Oman’s export capacity and industrial base. “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,” he said.
In an exclusive interview with the Observer, Megahed said IFC’s involvement helped establish the project’s bankability for international investors. “IFC’s role here helps in terms of making sure that this project receives a stamp of approval when it comes to its financing, but also its operations, the standards of environmental and social performance,” he said.
“By IFC coming into this project, together with the local banks, we were able to multiply the mobilisation for this project from about eight times. Altogether, we’re talking about a total financing package of more than $850 million,” he added, noting that IFC also supported the design of a green framework critical for penetrating global supply chains for traceable polysilicon.
According to IFC, global renewable capacity additions need to exceed 1,100 gigawatts annually—more than double current levels—highlighting the strategic importance of projects such as United Solar’s Oman facility in diversifying and strengthening clean energy supply chains worldwide.
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