United Solar Holding Inc. has secured more than US$900 million in financing to complete the funding for its large-scale polysilicon manufacturing facility in Oman, marking a major development in the global solar supply chain. The financing includes US$480 million in term debt from the International Finance Corporation and partner banks, along with over US$400 million in additional term debt and working capital facilities from local commercial banks led by Sohar International Bank.
The project is being developed by United Solar Polysilicon (FZC) SPC, a wholly owned subsidiary of United Solar. The facility is expected to begin polysilicon production later this year and represents a total investment of around US$1.6 billion, supported by several investors. Once operational, it will be the Middle East’s largest and only polysilicon manufacturing plant, with a planned annual production capacity of 100,000 tons.
Oman Investment Authority’s Future Fund Oman has emerged as United Solar’s largest shareholder, with an investment of approximately US$260 million. The investment highlights strong sovereign backing and confidence in the company’s long-term strategy and the role of Oman as a growing industrial and clean energy hub. The project aligns with Oman Vision 2040, which focuses on economic diversification, industrial development, and sustainability.
Polysilicon is a critical raw material in the solar photovoltaic value chain, forming the base for solar cells and modules. At full capacity, the Oman facility is expected to support the production of around 40 gigawatts of solar modules annually. United Solar has stated that all polysilicon produced at the plant will be fully traceable, addressing growing global demand for transparent and responsible supply chains.
The project is expected to generate employment opportunities for Omani nationals, support small and medium enterprises, and create a foundation for future upstream and downstream renewable energy investments in the country. It is also seen as a step toward diversifying the global polysilicon supply chain, which is currently concentrated in a limited number of regions.
Senior representatives from Oman Investment Authority, United Solar, IFC, and Sohar International highlighted the importance of the project in strengthening industrial capabilities, expanding export capacity, and supporting the global energy transition. They emphasized that the strong participation of international, regional, and local financiers reflects confidence in the project’s fundamentals, governance, and long-term economic impact.
According to a 2024 IFC report, the world needs to add about 1,100 gigawatts of new renewable energy capacity every year to meet global climate and development goals. However, renewable energy growth remains uneven, with most additions taking place in advanced economies. Projects such as United Solar’s Oman polysilicon facility are seen as critical in enabling developing regions to play a larger role in the global clean energy transition while supporting local economic growth.
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