#Oman #polysilicon #IFC #United Solar #Sohar

United Solar Finalizes $1.6 Billion Capital Raise

United Solar, a premier producer of high-purity polysilicon, proudly announces the successful closure of its financing round, having gathered approximately $1.6 billion from a consortium of global investors. This milestone is highlighted by the addition of a $50 million equity investment from the International Finance Corporation (IFC), part of the World Bank Group. The IFC's commitment not only solidifies United Solar's capital structure but also signifies robust support for the state-of-the-art polysilicon manufacturing operations in Oman.

A History of Transformation in Polysilicon Manufacturing

The newly constructed facility, situated in the Sohar Free Zone, marks a turning point in the Middle East's capabilities in solar panel manufacturing. Official operations commenced in January 2026. This facility is engineered to reach a production capacity of 100,000 tons per year by the end of 2026, establishing it as one of the most advanced polysilicon production sites globally – essential for the solar photovoltaic (PV) supply chain.

With this latest financial close, the IFC has mobilized over 30% of the total capital for this project. The investment is a testament to United Solar's commitment to sustainability, governance, and adherence to top-tier international standards, which are increasingly demanded bycustomers and regulatory bodies alike in the polysilicon supply chain.

Economic Impact and Sustainable Growth

From a broader perspective, the capital raise enables United Solar to contribute to Oman’s economic diversification agenda significantly. At full operational capacity, the plant is predicted to produce around 40 gigawatts of solar modules each year, which could potentially supply energy to 12 million homes. Moreover, the state-of-the-art polysilicon plant is expected to prevent approximately 8.8 million tons of greenhouse gas emissions annually, contributing to global efforts against climate change.

The facility's construction and operation will generate close to 3,000 direct and indirect jobs, aiding in local and national economic activities. Binyam Giorgis, Group CFO of United Solar, emphasized that the completion of this capital raise, particularly with investment from the IFC, reinforces their governance and operational standards:

"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."

A Strong Commitment to Clean Energy

Importantly, United Solar's production is compliant with FEOC standards, ensuring that the polysilicon supplied to tier-one solar cell and module manufacturers is fully traceable and eligible for clean energy incentives. This compliance is vital as the industry strives for diversified and resilient supply chains. The Oman Investment Authority (OIA), as the single-largest shareholder, adds another layer of stability and confidence in United Solar’s operations.

Ulyana Dovbush from the IFC acknowledged the strategic importance of this investment to the region, stating:

"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."

Future Prospects for United Solar

United Solar's advanced polysilicon facility is designed with cutting-edge processes and modular plant designs, enabling the delivery of competitively priced polysilicon while maintaining rigorous quality, traceability, and environmental standards. The company aims to build a secure and globally competitive solar supply chain that meets the rapidly increasing demands for renewable energy.

In conclusion, as the world pivots toward greener alternatives, United Solar stands at the forefront, equipped with the financial backing and technological innovations necessary to make a substantial impact on the global solar market. The closing of its capital raise not only enhances its market position but also aligns with the global transition towards sustainable energy solutions.