With the IFC's $50 million investment, United Solar has completed an approximately $1.6 billion funding round for its Oman project
The Sohar facility is expected to reach an annual production capacity of 100,000 tons of polysilicon by the end of 2026
At full capacity, the plant could supply material for around 40 GW of solar modules each year while creating nearly 3,000 jobs, according to the company
United Solar has completed its approximately $1.6 billion capital raise for its polysilicon manufacturing facility in Oman following the financial close of a $50 million equity investment from the International Finance Corporation (IFC).
IFC’s direct equity investment represents the final tranche of financing for the project, with the World Bank Group’s private sector arm having arranged and mobilized more than 30% of the total capital raised, says United Solar.
“This equity investment completes our landmark support for the Middle East's largest and only operational polysilicon manufacturing facility,” said Ulyana Dovbush, IFC's Regional Industry Manager for the Manufacturing, Agribusiness, and Services in the Middle East, Pakistan, and Afghanistan.
This funding supports United Solar's 100,000-ton-per-year polysilicon plant in Sohar Free Zone, which began operations earlier this year (see 100,000 TPA Polysilicon Production Online In Oman). It is scheduled to reach full production capacity by the end of the year.
Oman Investment Authority (OIA) is the single-largest shareholder in United Solar. The facility, says the manufacturer, strengthens its position as a fully traceable and Foreign Entity of Concern (FEOC)-compliant supplier of high-purity polysilicon to global tier-one solar manufacturers.
Notably, Waaree Solar Americas, the US solar PV manufacturing arm of India’s Waaree Energies Limited, has invested about $30 million in United Solar to secure long-term, traceable supply of polysilicon for its modules for the US market (see Waaree Solar Americas Invests In Polysilicon Producer).
Once fully operational, the facility is expected to produce enough polysilicon for around 40 GW of solar modules annually, create nearly 3,000 direct and indirect jobs.
