Oman’s FFO is supporting United Solar’s polysilicon factory with a OMR 60 million investment
The factory is being constructed in Sohar Port and Freezone, with commercial operations due in 2025
FFO believes this project will attract further downstream investments in the country’s solar value chain
The sovereign wealth fund of Oman, Oman Investment Authority-backed Future Fund Oman (FFO) has chipped in OMR 60 million ($156 million) for United Solar Holding, a company that’s building a 100,000-ton polysilicon manufacturing factory in the Middle Eastern country.
United Solar is constructing the said factory in Sohar Port and Freezone for an investment worth OMR 520 million. It is expected to start commercial operations in 2025 (see Polysilicon Manufacturing Plant Coming Up In Oman).
The polysilicon project is one among the 1st batch of investment projects in the country being developed in partnership with local companies and international investors that FFO is supporting with a OMR 220 million investment.
For FFO, this investment is aligned with the country’s Oman Vision 2040 under which the government wants to promote local manufacturing for key industries, and technological advancement.
It believes the United Solar factory to be one of the world’s largest factories and the 1st of its kind in the Middle East.
“United Solar is poised to establish itself as a leading manufacturer of solar products, offering competitive solutions to meet growing global demand,” said FFO Senior Manager Rashid Sultan Al Hashmi. “This new facility will enhance Oman's standing in the renewable energy market and serve as a catalyst for further foreign direct investment (FDI). This project is expected to attract further downstream investments in Oman's solar manufacturing value chain.”
This investment gives FFO the status of a strategic investor and partner in United Solar that’s led by Founder and Chairman Longgen Zhang. Zhang is known in the solar PV industry space as the ex-CEO of leading Chinese polysilicon major Daqo New Energy, a position he relinquished in August 2023 (see Senior Leadership Overhaul At Daqo New Energy).
Recently, China’s Drinda announced a 5 GW high-efficiency solar cell factory plans for Oman in Sohar Freezone. Another Chinese manufacturer, Q-SUN Solar, is also venturing into Oman’s PV manufacturing space under a JV for 8 GW module and 2 GW cell capacity, also in Sohar Freezone (see Q-SUN Solar To Build 10 GW Solar Cell & Module Production Facility In Oman).