United Solar Holding today announced that its wholly-owned subsidiary, United Solar Polysilicon (USP), has secured over $900 million to complete financing for its state-of-the-art polysilicon facility in Oman.
The financing facilities include $480 million in term debt financing from the International Finance Corporation (IFC) and partner banks.
In addition, the company secured more than $400 million in term debt and working capital facilities from local commercial banks led by Sohar International Bank.
Oman Investment Authority’s (OIA) Future Fund Oman has become United Solar’s largest shareholder, with a total investment of approximately $260 million, reflecting strong sovereign confidence in the company’s growth and long-term strategy, the company said.
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. USP is expected to begin polysilicon production this year.
Polysilicon is a critical upstream material in the global solar photovoltaic (PV) value chain. At full capacity, the facility is expected to produce 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.
“The successful financial close reflects a strong team effort, supported by the Omani government’s agility, international confidence in Oman’s economy, OIA as the largest shareholder, and United Solar Polysilicon’s ability to deliver a world-class project aligned with the global energy transition,” said Mulham Al Jarf, OIA’s Deputy President for Investment. “We extend our gratitude to the national negotiation team for the agility that expedited executing this mega project in record time.”
The project will create employment opportunities for Omanis, support SMEs, and establish a platform for future upstream initiatives and downstream renewable energy integration. It reinforces the Authority’s commitment to diversified funding through partnerships with institutions such as the IFC, while driving expansion into solar cell and module production and enhancing 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 Giorgis, 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. Omani institutions, regional and local banks, and the International Finance Corporation have provided more than 80 percent of our capital. 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.”
“United Solar’s polysilicon facility represents a transformational industrial investment for Oman—strengthening export capacity, advancing clean-energy supply chains, and positioning the Sultanate as a credible hub for advanced manufacturing aligned with international standards. Our participation reflects strong confidence in the project’s fundamentals, governance, and long-term economic impact, while reaffirming our commitment to financing initiatives that support diversification, sustainability, and Oman Vision 2040. Leading this landmark financing further underscores Sohar International’s role as a national financial partner enabling projects of global significance,” said Abdulwahid Mohamed Al Murshidi, Chief Executive Officer of Sohar International.
