United Solar has completed the financial close of its previously announced $50 million equity investment from IFC, the private sector arm of the World Bank Group. In a press release, the company said it also completed a $1.6 billion financial close for a capital raise from a consortium of global investors.
United Solar’s 100,000-ton-per-year polysilicon facility in Oman’s Sohar Free Zone began operations in January 2026 and is expected to ramp up to 100 kT by the end of 2026. With this financial close, IFC has arranged and mobilized more than 30% of the total capital raised for the project.
Critically for buyers in the United States and other advanced markets, United Solar is an FEOC-compliant producer of high-purity polysilicon. With production in Oman and the Oman Investment Authority (OIA) as its single-largest shareholder, United Solar provides tier-one cell and module manufacturers with a traceable supply chain that supports eligibility for clean energy incentives and the diversified, resilient supply chains the industry is racing to secure.
Building On Previous Investments
Earlier this year, in 2026, United Solar Holding Inc. (United Solar), through its subsidiary, United Solar Polysilicon (FZC) SPC (USP), secured US$480 million in term debt financing from the International Finance Corporation (IFC) and partner banks.
In addition, the USP has secured more than US$400 million in term debt and working capital facilities from local commercial banks led by Sohar International Bank SAOG (Sohar International). Oman Investment Authority’s (OIA) Future Fund Oman has become United Solar’s largest shareholder, with a total investment of approximately US$260 million, reflecting strong sovereign confidence in the company’s growth and long-term strategy.
Before this, in 2024 too, United Solar Holding Inc. (United Solar), a polysilicon manufacturer for the global solar PV industry, invested from Future Fund Oman (FFO), launched by the sovereign wealth fund of Oman.
FFO is investing OMR 60 million (equivalent to US$156 million) in United Solar, which is constructing a state-of-the-art 100,000-ton polysilicon factory in Sohar Port and Freezone, a key player in the global trade network, offering unparalleled access to world markets.
OIA’s Anchor Equity Investment Through Future Fund Oman
The company said the latest funding round builds on OIA’s anchor equity investment through its Future Fund Oman, which signaled strong sovereign confidence in United Solar.
IFC now completes a capital structure that attracted global institutions to the company. At full capacity, the facility is expected to produce approximately 40 GW of solar modules. The plant is also expected to create nearly 3,000 direct and indirect jobs and advance Oman’s economic diversification agenda.
“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,” said Binyam Giorgis, Group CFO of United Solar.
Giorgis added, “This equity investment completes our landmark support for the Middle East’s largest and only operational polysilicon manufacturing facility,” said Ulyana Dovbush, IFC’s Regional Industry Manager for Manufacturing, Agribusiness, and Services in the Middle East, Pakistan, and Afghanistan. “Aligned with Oman’s vision, this investment will help create thousands of jobs, attract foreign direct investment, accelerate economic diversification, and strengthen the role of the private sector in driving sustainable growth beyond oil.”
