Prime Highlights
- United Solar completed the financial close of IFC’s $50 million equity investment, finalising its $1.6 billion capital raise.
- The project will produce high-purity polysilicon, create nearly 3,000 jobs and support Oman’s economic diversification.
Key Facts
- IFC is the private sector investment arm of the World Bank Group.
- The facility is expected to enable solar module production of about 40 gigawatts annually, enough to power nearly 12 million homes.
Background
Oman’s United Solar has completed 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 completes the company’s previously announced $1.6 billion capital raise, backed by a group of global investors.
United Solar said IFC arranged and mobilised more than 30% of the total funding for the project. The company added that IFC’s investment reflects confidence in its governance, environmental and social standards, supply chain transparency and long-term business strength.
The project also builds on the earlier investment made by the Oman Investment Authority (OIA) through Future Fund Oman, which remains the company’s largest shareholder. Together, the investments provide financial support for the company’s expansion plans and strengthen its position in the global polysilicon market.
United Solar produces high-purity polysilicon in Oman and supplies fully traceable products to leading solar cell and module manufacturers. The company said its production meets Foreign Entity of Concern (FEOC) compliance requirements, helping customers in the United States and other markets build more secure and diversified supply chains.
Once fully operational, the facility is expected to support the production of solar modules with a combined capacity of about 40 gigawatts each year. This is enough to supply electricity to nearly 12 million homes while reducing an estimated 8.8 million tonnes of greenhouse gas emissions annually.
Furthermore, it will create about 3,000 direct and indirect employment opportunities and help in diversifying the economy of Oman, which includes promoting the manufacturing industry beyond the petroleum sector and also attracting more foreign investments.
