Funding Boost for Oman Polysilicon Project: What It Means for Investors and the Future of Renewable Energy in Oman
MUSCAT: United Solar Holding Inc., the parent company of United Solar Polysilicon, has secured a $30 million strategic investment from Waaree Solar Americas, a subsidiary of Waaree Energies, one of India’s leading solar energy firms. This investment comes ahead of the anticipated trial production at United Solar’s $1.6 billion polysilicon complex located in Sohar Freezone.
According to a statement from Waaree Solar Americas, the investment will involve the acquisition of approximately 5.37 million Series B preferred shares in United Solar. The transaction is expected to finalize by January 31, 2026, and is supported by a long-term polysilicon offtake agreement. This agreement aims to establish a fully traceable and reliable polysilicon supply chain to bolster Waaree’s expanding solar manufacturing operations globally, particularly in the United States.
This announcement marks a significant milestone for the Sohar polysilicon project, which is the flagship investment of United Solar Holding Inc., a Cayman Islands-based manufacturer. The facility is gearing up for trial operations, with a design capacity of producing 100,000 metric tonnes of polysilicon annually—enough to support the manufacturing of approximately 40 GW of solar modules each year. Once operational, United Solar aims to rank among the world’s largest and most cost-competitive polysilicon producers.
Hitesh C. Doshi, Chairman and Managing Director of Waaree Group, remarked, “This strategic investment in United Solar is crucial for strengthening our long-term, secure polysilicon supply chain, catering to our rapidly expanding manufacturing footprint in the USA and globally. Access to reliable and cost-competitive upstream materials is essential for providing certainty to our customers and partners. United Solar’s state-of-the-art facility in Oman aligns with our commitment to supply chain transparency and sustainable growth.”
Sam Zhang, Chairman of United Solar Holding Inc., expressed pride in partnering with Waaree, underlining their status as a leading solar manufacturer and customer. “This partnership highlights United Solar’s distinguished position in the polysilicon industry and Waaree’s dedication to securing reliable polysilicon sources, contributing to a more secure global solar supply chain.”
Recently, the Sohar site has welcomed several high-profile visits aimed at ensuring a smooth commencement of operations. Notably, officials from Oman Electricity Transmission Company (OETC) conducted an inspection of the project and its accompanying 400 kV grid station, designed to connect the facility to Oman’s Main Interconnected System (MIS), thereby providing a stable power supply for both current operations and future expansions.
At the facility, United Solar Polysilicon will transform metallurgical-grade silicon (MG-Si) into high-purity polysilicon rods, the essential feedstock for solar cell manufacturing. A dedicated on-site facility will crush these rods for conversion into multicrystalline ingots, which are then sliced into wafers. MG-Si preparation will also occur on-site, utilizing chlorosilanes sourced from a local Omani chlor-alkali producer, while MG-Si will primarily be imported from Malaysia.
The production process incorporates advanced stages such as hydrogen generation, purification, distillation, chemical vapor deposition (CVD), and gas recovery. The polysilicon rods will be crushed and cleaned where necessary to remove impurities. The facility is committed to extensive recycling of gases and liquids, ensuring that all residual effluents comply with stringent environmental standards. By employing innovative technologies and AI-driven automation, the Sohar plant aims to achieve higher efficiency, lower costs, and superior environmental outcomes compared to traditional polysilicon production facilities.
Special Analysis by Omanet | Navigate Oman’s Market
The strategic $30 million investment by Waaree Solar Americas in United Solar Polysilicon heralds a significant opportunity for Oman’s solar energy sector, positioning it as a critical player in the global polysilicon supply chain. This move not only enhances Oman’s energy security but also creates risks for local competitors as they must adapt quickly to a rapidly evolving market landscape. Smart investors and entrepreneurs should now consider leveraging this momentum to tap into related sectors, such as sustainable materials, by aligning with global supply chain demands and environmental standards.
