United Solar Secures $1.6 Billion Funding: What This Means for Renewable Energy Investment in Oman
MUSCAT, JULY 6 — United Solar Polysilicon has successfully completed a $1.6 billion capital raise for its polysilicon manufacturing project in Sohar, following the financial close of a $50 million equity investment from the International Finance Corporation (IFC), the private sector arm of the World Bank Group.
This investment represents the final tranche of funding for the Middle East’s largest polysilicon manufacturing facility and highlights Oman’s ambition to become a global hub for clean energy manufacturing, aligned with Oman Vision 2040.
The company reported that IFC has arranged and mobilized over 30 percent of the total project financing, demonstrating strong international confidence in United Solar’s governance, environmental and social standards, traceability, and long-term commercial viability.
United Solar’s polysilicon plant, located in Sohar Free Zone, commenced operations in January 2026. With an annual production capacity of 100,000 tonnes, the facility is on track to reach full capacity by year-end. It produces high-purity polysilicon, a critical raw material for manufacturing solar photovoltaic (PV) cells and modules.
The investment also reinforces United Solar’s position as a Foreign Entity of Concern (FEOC)-compliant supplier, offering fully traceable polysilicon to prominent global solar manufacturers. This compliance is particularly important for customers in the United States and other advanced markets, where clean energy supply chain sourcing standards have become more stringent.
United Solar emphasized that its production base in Oman, supported by the Oman Investment Authority (OIA) as its largest shareholder through Future Fund Oman, provides manufacturers with access to a diversified and transparent supply chain that meets eligibility criteria for clean energy incentives.
Binyam Giorgis, Group Chief Financial Officer of United Solar Holding, stated, “The closing of IFC’s investment completes our approximately $1.6 billion capital raise and is a powerful endorsement of United Solar’s standards, governance, and long-term commercial strength. With the backing of the World Bank Group and the foundation laid by the Oman Investment Authority, we are delivering world-class, fully traceable polysilicon that tier-one manufacturers need — and doing so as an FEOC-compliant producer they can rely on to build resilient, diversified supply chains.”
IFC highlighted that its investment signifies confidence in the project’s role in promoting sustainable industrial development and economic diversification in Oman. Ulyana Dovbush, IFC Regional Industry Manager for Manufacturing, Agribusiness and Services in the Middle East, Pakistan, and Afghanistan, said, “This equity investment completes our landmark support for the Middle East’s largest and only operational polysilicon manufacturing facility. Aligned with Oman’s vision, this investment will help create thousands of jobs, attract foreign direct investment, accelerate economic diversification, and strengthen the private sector’s role in driving sustainable growth beyond oil.”
At full capacity, the Sohar facility is expected to produce sufficient polysilicon annually to support the manufacture of approximately 40 gigawatts of solar modules, capable of generating electricity for up to 12 million homes worldwide. The project is also projected to reduce greenhouse gas emissions by an estimated 8.8 million tonnes annually.
United Solar Holding noted that the project will create nearly 3,000 direct and indirect jobs while bolstering Oman’s position in the global renewable energy supply chain and supporting the country’s long-term industrial diversification strategy.
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The $1.6 billion investment in United Solar Polysilicon’s Sohar facility signals Oman’s strategic leap into clean energy manufacturing, positioning the country as a key player in the global renewable supply chain. For businesses and investors, this creates robust opportunities in green industrial sectors while mitigating risks by aligning with stringent international supply standards. Smart entrepreneurs should now prioritize ventures leveraging Oman’s growing clean tech infrastructure and sustainable governance framework, capitalizing on the country’s Vision 2040 diversification ambitions.
