United Solar Polysilicon has secured over $900 million in financing and plans to begin production at its Oman plant in Q1 2026
The SOHAR Freezone facility will have a capacity of 100,000 tonnes per year, enough to support nearly 40 GW of solar module production once fully ramped up
The project is backed by IFC, local banks, and Oman Investment Authority, with polysilicon output designed to be fully traceable and compliant with US FEOC rules
United Solar Holding is set to begin polysilicon production at its Oman fab in Q1 2026, after its subsidiary United Solar Polysilicon (USP) achieved successful financial close on the project, raising more than $900 million.
It will become the largest and only operational polysilicon manufacturing factory in the Middle East.
The factory is set to come up in Oman’s SOHAR Freezone with an annual solar-grade polysilicon production capacity of 100,000 tonnes per annum (TPA) . Once fully ramped up, USP expects the factory to produce close to 40 GW of solar modules annually.
USP stressed that polysilicon produced here will be fully traceable, ensuring transparency and competitiveness across downstream markets and complying with the US Foreign Entity of Concern (FEOC) requirements. In December 2025, Waaree Solar Americas invested $30 million in the factory to support its US cell and module production (see Waaree Solar Americas Invests In Polysilicon Producer).
Founded by Longgen Zhang, the former CEO of Chinese polysilicon manufacturer Daqo New Energy, this fab is estimated to cost around $1.6 billion.
In the final financing round, USP achieved financial close by raising $480 million in term debt financing for the factory from the International Finance Corporation (IFC) and partner banks. IFC has invested $200 million of this total.
Another $400 million in term debt and working capital facilities comes from local commercial banks, led by Sohar International Bank SAOG.
USP now counts Oman Investment Authority’s (OIA) Future Fund Oman as its largest shareholder with a total investment of approximately $260 million.
“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,” said IFC Regional Industry Head for Manufacturing, Agribusiness and Services in the Middle East and Central Asia.