Sohar polysilicon plant project financing secured

United Solar Holding Company, represented by its subsidiary United Polysilicon for Solar Energy, signed financing agreements in Muscat securing funding worth OMR 185 million, equivalent to USD 480 million, in the form of long-term loans from the International Finance Corporation and its partner banks.

This is in addition to financing of more than OMR 154 million, equivalent to USD 400 million, from local commercial banks, including long-term loans and working capital facilities.

These loans will be used to complete the financing for the construction of the polysilicon plant in the Sohar Free Zone.

Polysilicon is a core material in the production chain and is used in the manufacture of solar panels. The plant is expected to support the production of around 40 gigawatts of solar panels annually. The company has committed to providing a high-quality, traceable product, enhancing transparency and competitiveness in global markets.

The Sohar plant is scheduled to begin production in the first quarter of 2026 with a capacity of 100,000 metric tonnes per year.

The company confirmed that the plant’s design meets the highest international standards in terms of quality, traceable supply chains and environmental performance, in line with global policies.

The Oman Investment Authority announced that Future Fund Oman invested approximately OMR 100 million, equivalent to USD 260 million, in the United Solar plant, making it one of the largest shareholders in the project.

Mulham bin Basheer Al Jarf, Deputy President for Investments at the Oman Investment Authority, said that the successful funding of the polysilicon plant reflects the ability of the Authority, as the largest shareholder through the Oman Future Fund, together with United Solar Holding Company, to deliver a world-class project aligned with the requirements of the global energy transition.

He added that the project will create employment opportunities for Omanis and empower small and medium enterprises. It will also serve as a platform for the launch of new upstream and downstream projects, whether in early-stage activities or integration with renewable energy, as well as expansion in the production of solar cells and modules. This will strengthen its long-term economic impact and reinforce the Authority’s commitment to diversifying funding sources through partnerships with international financial institutions.

Sam Zhang, Founder and Chairman of United Solar Holding Company, said that the project represents a turning point in the company’s journey and in the future of the global solar energy industry by building infrastructure that enhances the reliability and sustainability of global solar supply chains.

Binyam Girmaw Gherogis, Group Chief Financial Officer and Board Member of United Solar Holding Company, explained that more than 80 percent of total capital was secured through Omani institutions, regional and local banks and the International Finance Corporation. This strengthens the project’s viability and confirms the attractiveness of the Sultanate of Oman as a trusted destination for long-term industrial investment.

Ashraf Mighahed, Regional Industry Head for Manufacturing, Agribusiness and Services at the International Finance Corporation for the Middle East and Central Asia, noted that this partnership confirms the Corporation’s commitment to enhancing Oman’s export capacity, diversifying the global polysilicon supply chain and enabling pioneering projects such as this one.

The polysilicon project in the Sohar Free Zone is the largest polysilicon production facility in the Middle East. Its investment value stands at OMR 616 million, equivalent to USD 1.6 billion, with an annual production capacity of up to 100,000 tonnes.