IFC, in partnership with the Oman Investment Authority (OIA), the OPEC Fund, and several regional banks, has announced a major investment to support United Solar Polysilicon (FZC) SPC in establishing the Middle East’s largest polysilicon manufacturing facility in Oman’s Sohar Freezone. The greenfield plant, with a total investment of $1.6 billion, will produce up to 100,000 tons of high-purity polysilicon annually, enabling the manufacturing of approximately 40 gigawatts of solar modules—enough to power around 12 million homes and reduce greenhouse gas emissions by 8.8 million tons per year.
The project is expected to generate nearly 3,000 direct and indirect jobs, contributing significantly to local employment and stimulating opportunities for SMEs. By producing fully traceable polysilicon, the plant aims to strengthen the global solar supply chain while supporting Oman’s broader economic diversification goals, reducing dependence on oil revenues, and enhancing industrial resilience.
Key stakeholders emphasized the project’s strategic importance. OIA highlighted that the facility will serve as a foundation for future upstream and downstream renewable energy projects, boosting Omani export capacity and fostering long-term economic impact. United Solar’s leadership noted that the investment strengthens the global solar supply chain and ensures access to high-quality, environmentally responsible polysilicon for international manufacturers.
The OPEC Fund, acting as a parallel lender, reinforced its commitment to supporting low-carbon industrial growth and renewable energy value chains in partner countries. IFC emphasized the project’s role in reinforcing Oman’s industrial capabilities, expanding polysilicon exports, and advancing economic diversification and industrial transformation, while aligning with global renewable energy expansion needs.
The financing package includes up to $480 million mobilized by IFC, with $200 million from IFC’s own account, complemented by a $50 million long-term debt facility from the OPEC Fund and $230 million from regional banks. Oman Investment Authority, as the largest shareholder, has invested approximately $260 million, reflecting strong sovereign confidence in the project.
United Solar will leverage cutting-edge modular plant design and advanced processes to produce cost-competitive, high-purity polysilicon at scale. The facility aligns with rigorous international standards for quality, traceability, and environmental responsibility, reinforcing the company’s commitment to a secure, resilient, and globally competitive solar supply chain.
This investment is a transformative step for Oman and the global solar industry, supporting renewable energy growth, job creation, and economic diversification, while enabling developing countries to participate more fully in the clean energy transition.
