International Finance Corporation (IFC), a World Bank Group member, is leading investment support for the establishment of the Middle East’s largest polysilicon facility, which will produce up to 40 GW of solar modules annually. In a press release, IFC explained that the latest round of investment could help United Solar Polysilicon (FZC) SPC, United Solar, finance its greenfield polysilicon plant in Oman’s Sohar Freezone.
The financing aims to boost the manufacturing of polysilicon, create nearly 3,000 direct and indirect jobs, help attract foreign direct investment, and advance Oman’s vision for economic diversification while reducing reliance on oil.
Polysilicon is a key ingredient in the global solar photovoltaic (PV) value chain. At full capacity, the plant is expected to enable the production of approximately 40 gigawatts of solar modules annually. The polysilicon plant aims to strengthen the resilience and diversification of the global solar PV supply chain and expand energy access. The polysilicon produced at the plant will also be fully traceable, enhancing transparency and competitiveness.
About The Financing
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. Oman is United Solar’s largest shareholder.
Globally, about 1,100 gigawatts of new renewable capacity must be added each year, more than double the current expansion rate. Yet renewable energy growth remains concentrated in advanced economies, leaving the vast majority of developing countries behind despite significant economic and development needs, according to a 2024 IFC report.
Leadership View
“The successful financial close reflects a true team effort, supported by the Omani government’s agility and strong international confidence in Oman’s economy, OIA as the largest shareholder, and United Solar Polysilicon’s ability to deliver a world-class project responding to the global energy transition,” said Mulham Al Jarf, OIA’s Deputy President for Investment. “This project will create employment opportunities for Omanis and enable SMEs, while establishing a foundation for future upstream projects and downstream renewable energy integration. It underscores the Authority’s commitment to diversifying funding through partnerships with leading institutions such as IFC, and will drive expansion into solar cell and module production, amplifying its long-term economic impact,” he added.
“This is a transformative moment for United Solar, Oman, 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.”
“This financing reflects the OPEC Fund’s commitment to supporting low-carbon industrial growth and to strengthening renewable energy value chains in partner countries. By participating as a parallel lender alongside IFC and other partners, the OPEC Fund is supporting the delivery of a project that advances Oman’s economic diversification objectives, strengthens local manufacturing capacity and job creation,” said, Tareq Alnassar, OPEC Fund Vice President for Private Sector.
“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.”
