United Solar announced financial close on a $50 million equity investment from the International Finance Corporation. With this, the company says it has completed the $1.6 billion funding for the polysilicon factory it is currently working to bring online in Oman’s Sohar Free Zone.
A $50 million investment from International Finance Corporation (IFC), the private sector arm of the World Bank Group, rounds off the total $1.6 billion in funding raised to finance United Solar’s polysilicon factory in Oman.
IFC “arranged and mobilized” around 30% of the total capital raised for the project, according to United Solar. It provided around $480 million in long-term debt alongside the $50 million equity investment. A further $400 million of the total comes from debt and working capital facilities from various banks in the Middle East region, and a $260 million investment from Oman’s sovereign wealth fund the Oman Investment Authority.
The factory began operations earlier this year, following a 22-month construction period. It is expected to reach its full capacity of 100,000 metric tonnes per year, sufficient to meet demand for around 40 GW of Pv modules, by the end of 2026.
“Aligned with Oman’s vision, this investment will help create thousands of jobs, attract foreign direct investment, accelerate economic diversification, and strengthen the role of the private sector in driving sustainable growth beyond oil,” said Ulyana Dovbush, IFC’s Regional Industry Manager for the Manufacturing, Agribusiness, and Services in the Middle East, Pakistan, and Afghanistan.
