United Solar Completes $1.6 Billion Funding for FEOC-Compliant Polysilicon Production in Oman

United Solar has completed its approximately $1.6 billion capital raise after reaching the financial close of a $50 million equity investment from the International Finance Corporation (IFC), the private sector arm of the World Bank Group. The investment supports the company’s FEOC-compliant, high-purity polysilicon manufacturing operations in Oman and marks the completion of funding for the Middle East’s largest polysilicon production facility.

According to the company, IFC has arranged and mobilised more than 30% of the total capital raised for the project, underscoring confidence in United Solar’s governance, environmental and social standards, traceability, and long-term commercial viability. The investment also strengthens the company’s position as a supplier of fully traceable, FEOC-compliant polysilicon to global tier-one solar manufacturers.

United Solar’s 100,000-tonne-per-year polysilicon manufacturing facility in Sohar Free Zone began operations in January 2026 and is expected to reach full production capacity by the end of the year. The facility produces high-purity polysilicon, a key raw material used in the global solar photovoltaic (PV) value chain.

The company said its production base in Oman, backed by the Oman Investment Authority (OIA) as its largest shareholder, enables it to supply fully traceable polysilicon that supports eligibility for clean energy incentives and diversified supply chains, particularly for customers in the United States and other advanced markets.

The financial close follows OIA’s anchor investment through the Future Fund Oman, completing a capital structure supported by several international investors. Once operating at full capacity, the facility is expected to support the production of approximately 40 GW of solar modules annually, enough to power up to 12 million homes, while avoiding an estimated 8.8 million tonnes of greenhouse gas emissions each year. The project is also expected to create nearly 3,000 direct and indirect jobs and contribute to Oman’s economic diversification efforts.

Binyam Giorgis, Group Chief Financial Officer of United Solar, said the completion of the capital raise reflects confidence in the company’s governance, operational standards, and long-term commercial strategy. He added that the backing of IFC and the Oman Investment Authority would support the delivery of fully traceable polysilicon for global solar manufacturers.

Ulyana Dovbush, IFC’s Regional Industry Manager for Manufacturing, Agribusiness and Services in the Middle East, Pakistan and Afghanistan, said the investment would support job creation, attract foreign direct investment, accelerate economic diversification, and strengthen private sector-led sustainable growth in Oman.