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- The plant will create nearly 3,000 direct and indirect jobs.
Muscat, Oman – IFC, a member of the World Bank Group, announced an investment to help United Solar Polysilicon (FZC) SPC, United Solar, finance its greenfield polysilicon plant in Oman’s Sohar Freezone. The financing aims to boost the manufacturing of polysilicon, creating nearly 3,000 direct and indirect jobs, helping attract foreign direct investments, and advancing Oman’s vision for economic diversification and reduce reliance on oil.
Polysilicon is a key ingredient for the global solar photovoltaic (PV) value chain. At full capacity, the plant is expected to enable the production of approximately 40 gigawatts of solar modules annually, enough to power up to 12 million homes. It will also contribute to the avoidance of 8.8 million tons of greenhouse gas emissions per year. The polysilicon plant aims to strengthen the resilience and diversification of the global solar PV supply chain and expand energy access. The polysilicon produced from the plant will also be fully traceable, enhancing transparency, and competitiveness.
"The successful financial close reflects a true team effort, supported by the Omani government's agility and strong international confidence in Oman's economy, OIA as the largest shareholder, and United Solar Polysilicon's ability to deliver a world-class project responding to the global energy transition," said HE Mulham Al Jarf, OIA's Deputy President for Investment. "This project will create employment opportunities for Omanis and enable SMEs, while establishing a foundation for future upstream projects and downstream renewable energy integration. It underscores the Authority's commitment to diversifying funding through partnerships with leading institutions such as IFC, and will drive expansion into solar cell and module production, amplifying its long-term economic impact."
“This is a transformative moment for United Solar, Oman, and the global solar industry,” said Sam Zhang, Founder and Chairman of United Solar. “With OIA and IFC's support, we are building the infrastructure needed to strengthen the global solar supply chain and ensure manufacturers have reliable access to high-quality, traceable polysilicon that meets the world's most rigorous standards.”
“This financing reflects the OPEC Fund’s commitment to supporting low-carbon industrial growth and to strengthening renewable energy value chains in partner countries. By participating as a parallel lender alongside IFC and other partners, the OPEC Fund is supporting the delivery of a project that advances Oman’s economic diversification objectives, strengthens local manufacturing capacity and job creation,” said, Tareq Alnassar, OPEC Fund Vice President for Private Sector.
“Together with USP, Oman Investment Authority, and our international partners, we are committed to strengthening Oman’s export capacity, diversifying the global polysilicon supply chain, and enabling pioneering projects such as this one,” said Ashruf Megahed, IFC Regional Industry Head for Manufacturing, Agribusiness, and Services in the Middle East and Central Asia. “By reinforcing industrial capabilities, the project will significantly expand polysilicon exports, contribute to the growth of global energy production, and support Oman’s long-term economic diversification and industrial transformation.”
Once complete, the $1.6 billion plant, with several investors, will be the Middle East’s largest and only operational polysilicon manufacturing facility, with a planned annual production capacity of 100,000 tons. Oman is United Solar’s largest shareholder.
Globally, about 1,100 gigawatts of new renewable capacity must be added each year, more than double the current expansion rate. Yet renewable energy growth remains concentrated in advanced economies, leaving the vast majority of developing countries behind despite significant economic and development needs, according to a 2024 IFC report.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2025, IFC committed a record $71.7 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.
About United Solar
United Solar is a leading producer of high-purity polysilicon—the essential material used in the manufacture of solar panels—operating one of the world's most advanced polysilicon manufacturing facilities in Oman. The company uses cutting-edge processes and modular plant design to deliver cost-competitive polysilicon at scale, while meeting rigorous international standards for quality, traceability, and environmental responsibility. United Solar is committed to building a secure, resilient, and globally competitive solar supply chain.
About Oman Investment Authority (OIA)
Oman Investment Authority is the investment arm of the Sultanate of Oman. It is mandated with managing, investing, and growing the Sultanate’s assets locally and internationally. Its investment funds geographically diverse, with investments on every continent, and cover a wide range of sectors, including food and fisheries, energy, logistics, Information and Communication Technology (ICT), public services, financial and investment services, tourism, mining, manufacturing, and aviation. It plays a key role in driving sustainable economic development and achieving Oman’s vision of becoming a more attractive investment destination.
About the OPEC Fund
Established in 1976, the OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. Our work focuses on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$30 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA+, Outlook Stable by S&P. Our vision is a world where sustainable development is a reality for all.
Media Contacts:
For IFC
Sara Aggour
Communications Officer for Middle East Countries
Mobile: +12029089205
Email: saggour@ifc.org
For United Solar Polysilicon (FZC) SPC
Jessi Zhang
Secretary of the Board
Mob: +968 9116 1968
