IFC And Partners Back United Solar’s Polysilicon Plant In Oman To Promote Economic Diversification And Job Creation

IFC, a member of the World Bank Group, has announced an investment to support United Solar Polysilicon (FZC) SPC, or United Solar, in financing its greenfield polysilicon plant in Oman’s Sohar Freezone. The financing aims to boost polysilicon manufacturing, create nearly 3,000 direct and indirect jobs, attract foreign investment, and advance Oman’s vision for economic diversification while reducing the country’s reliance on oil. Polysilicon is a critical material for the global solar photovoltaic (PV) value chain.

Once fully operational, the plant is expected to produce approximately 40 gigawatts of solar modules each year, enough to supply electricity to up to 12 million homes. It is also projected to help avoid 8.8 million tons of greenhouse gas emissions annually. The facility will strengthen the resilience and diversification of the global solar PV supply chain and expand access to clean energy. The polysilicon produced will be fully traceable, enhancing transparency and global competitiveness.

HE Mulham Al Jarf, Deputy President for Investment at the Oman Investment Authority (OIA), described the project as a result of a true team effort. He highlighted the agility of the Omani government, international confidence in Oman’s economy, OIA’s role as the largest shareholder, and United Solar’s ability to deliver a world-class project aligned with the global energy transition. He emphasized that the project would generate employment for Omanis, support small and medium-sized enterprises, and establish a foundation for future upstream and downstream renewable energy projects, including solar cell and module production.

Sam Zhang, Founder and Chairman of United Solar, called the initiative transformative for United Solar, Oman, and the global solar industry. He said that with the support of OIA and IFC, the project would provide the infrastructure needed to strengthen the global solar supply chain and ensure manufacturers have reliable access to high-quality, traceable polysilicon that meets the most rigorous international standards.

Tareq Alnassar, Vice President for Private Sector at the OPEC Fund, noted that the financing demonstrates the Fund’s commitment to supporting low-carbon industrial growth and strengthening renewable energy value chains in partner countries. By participating as a parallel lender alongside IFC and other partners, the OPEC Fund is contributing to Oman’s economic diversification, local manufacturing capacity, and job creation.

Ashruf Megahed, IFC Regional Industry Head for Manufacturing, Agribusiness, and Services in the Middle East and Central Asia, emphasized that the partnership with United Solar, OIA, and international investors aims to expand Oman’s export capacity, diversify the global polysilicon supply chain, and enable pioneering projects. He noted that the project will reinforce industrial capabilities, significantly increase polysilicon exports, support global energy production, and advance Oman’s long-term economic and industrial transformation.

The $1.6 billion plant, with multiple investors, will be the largest and only operational polysilicon manufacturing facility in the Middle East, with an annual production capacity of 100,000 tons. Oman remains United Solar’s largest shareholder. According to a 2024 IFC report, the world must add approximately 1,100 gigawatts of renewable energy capacity each year—more than double the current growth rate. However, renewable energy expansion remains concentrated in advanced economies, leaving the majority of developing countries behind despite significant economic and development needs.