United Solar Secures $900M to Launch Oman Polysilicon Plant: What It Means for Investors and Entrepreneurs
Muscat: United Solar Holding (United Solar) has secured over $900 million in debt financing to complete funding for its $1.6 billion, state-of-the-art polysilicon manufacturing plant in Oman, reinforcing the Sultanate’s position as a significant player in the global solar supply chain.
The financing package comprises $480 million in term debt from the International Finance Corporation (IFC) and partner banks, complemented by over $400 million in term debt and working capital facilities from local commercial banks. The Oman Investment Authority’s (OIA) Future Fund Oman has become United Solar’s largest shareholder, investing approximately $260 million.
Operated by United Solar Polysilicon (FZC) SPC, the 100,000-metric-tonne facility is anticipated to commence production in the first quarter of 2026. Upon operation, it will be the largest and only polysilicon manufacturing facility in the Middle East, capable of supporting around 40 gigawatts of solar module production annually.
The polysilicon produced will be fully traceable and compliant with leading international standards, including US Foreign Entity of Concern (FEOC) requirements, ensuring broad access to global markets.
Mulham al Jarf, OIA’s Deputy President for Investment, emphasized that the financial close reflects robust international confidence in Oman and the project. He praised the Omani government’s agility, OIA’s leadership as the largest shareholder, and United Solar Polysilicon’s capability to deliver a world-class project aligned with the global energy transition.
Al Jarf further highlighted that the project will create employment opportunities for Omanis, support small and medium enterprises, and lay the foundation for further investments in renewable energy. He stressed the Authority’s commitment to diversifying funding through partnerships with leading institutions such as IFC, which will drive expansion into solar cell and module production, enhancing the project’s long-term economic impact.
Sam Zhang, Founder and Chairman of United Solar, described this milestone as pivotal, stating, “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.”
Group CFO and Board Director Binyam Girogis noted that over 80 percent of the capital came from Omani institutions, regional and local banks, and IFC. He stated, “This level and diversity of participation validates our investment thesis and underscores Oman’s attractiveness as a destination for long-term industrial investment.”
Ashruf Megahed, IFC Regional Industry Head for Manufacturing, Agribusiness, and Services in the Middle East and Central Asia, highlighted the project’s role in enhancing 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 Oman Observer, Megahed explained that IFC’s involvement enhances the project’s bankability for international investors. He said, “IFC’s role here helps in terms of ensuring the project receives a stamp of approval for its financing and operations, particularly regarding environmental and social standards.”
He added that IFC’s partnership with local banks allowed the project to multiply its mobilisation by about eight times, resulting in a total financing package exceeding $900 million. IFC also aided in designing a green framework critical for integrating into global supply chains for traceable polysilicon.
According to IFC, global renewable capacity additions must exceed 1,100 gigawatts annually—more than double current levels—underscoring the strategic importance of projects like United Solar’s facility in Oman for diversifying and strengthening clean energy supply chains worldwide.
Special Analysis by Omanet | Navigate Oman’s Market
The $900 million debt financing secured by United Solar for Oman’s groundbreaking polysilicon manufacturing plant positions Oman as a strategic hub in the global solar supply chain, underlining its emerging role in clean energy industries. This initiative opens significant opportunities for local SMEs and job creation, while smart investors should note the strong international confidence reflected in the diverse funding sources, signaling a robust gateway for industrial and renewable energy investments in Oman.
