Financing Secured for Polysilicon Facility in Sohar
Muscat, 19 Jan 2026 (ONA) --- United Solar Holding today announced that its wholly owned subsidiary, United Solar Polysilicon (FZC) SPC (USP), has secured US$480 million in term debt financing from the International Finance Corporation (IFC) and partner banks. In addition, the Company announced that USP has secured more than US$400 million 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 US$260 million, reflecting strong sovereign confidence in the company’s growth and long-term strategy. USP is expected to begin polysilicon production in this year. The project is located at Sohar Freezone.
Polysilicon is a critical upstream material in the global solar photovoltaic (PV) value chain. At full capacity, the facility 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, stated: "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 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 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."
“This is a transformative moment for United Solar and the global solar industry,” said Sam Zhang, Founder and Chairman of United Solar. “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.”
“United Solar is proud to partner with IFC and our banking partners on this landmark transaction,” said Binyam Girogis, Group CFO and Board Director of the Company. “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 percent of our capital has been provided by Omani institutions, regional and local banks, and the International Finance Corporation. 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.”
“Together with USP, 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,” said Ashruf Megahed, IFC Regional Industry Head for Manufacturing, Agribusiness, and Services in the Middle East and Central Asia. “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.”
Once complete, the $1.6 billion plant, with several investors, will be the Middle East’s largest and only operational polysilicon manufacturing facility, with a planned annual production capacity of 100,000 tons.
---Ends/AG
