MUSCAT, JULY 6
United Sun Polysilicon has finished a $1.6 billion capital elevating for its polysilicon production challenge in Sohar after securing the monetary shut of a $50 million fairness funding from the Global Finance Company (IFC), the personal sector arm of the International Financial institution Crew.
The funding marks the general tranche of investment for the Heart East’s biggest polysilicon production facility and reinforces Oman’s ambitions to turn out to be an international hub for blank power production underneath Oman Imaginative and prescient 2040.
The corporate stated IFC has now organized and mobilised greater than 30 in step with cent of the entire challenge financing, underscoring world self belief in United Sun’s governance, environmental and social requirements, traceability and long-term business viability.
United Sun’s 100,000-tonne-per-year polysilicon plant, positioned in Sohar Unfastened Zone, started operations in January 2026 and is anticipated to succeed in complete manufacturing capability via the top of the yr. The ability produces high-purity polysilicon, the important thing uncooked subject matter used within the manufacture of sun photovoltaic (PV) cells and modules.
The corporate stated the funding additionally strengthens its place as a Overseas Entity of Fear (FEOC)-compliant provider, offering totally traceable polysilicon to main world sun producers. The designation is especially important for patrons in the US and different complicated markets, the place sourcing necessities for blank power provide chains have turn out to be more and more stringent.
United Sun stated its manufacturing base in Oman, mixed with the Oman Funding Authority’s (OIA) place as its biggest shareholder via Long run Fund Oman, gives producers get right of entry to to a various and clear provide chain that helps eligibility for blank power incentives.
“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,” stated Binyam Giorgis, Crew Leader Monetary Officer of United Sun Maintaining.
“With the backing of the World Bank Group, and on the foundation laid by the Oman Investment Authority, we are delivering world-class, fully traceable polysilicon that tier-one manufacturers need — and doing so as an FEOC-compliant producer they can rely on as they build resilient, diversified supply chains,” he added.
The IFC stated its funding displays self belief within the challenge’s contribution to sustainable business construction and financial diversification in Oman.
“This equity investment completes our landmark support for the Middle East’s largest and only operational polysilicon manufacturing facility,” stated Ulyana Dovbush, IFC Regional Trade Supervisor for Production, Agribusiness and Services and products within the Heart 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,” she stated.
At complete capability, the Sohar facility is anticipated to supply sufficient polysilicon yearly to strengthen the manufacture of round 40 gigawatts of sun modules, enough to generate electrical energy for as much as 12 million houses international. The challenge could also be anticipated to steer clear of an estimated 8.8 million tonnes of greenhouse fuel emissions each and every yr.
United Sun Maintaining stated the challenge will create just about 3,000 direct and oblique jobs whilst strengthening Oman’s place within the world renewable power provide chain and supporting the rustic’s long-term business diversification technique.
