IFC Backs $1.6bn Solar Supply Chain Expansion as Oman Launches First Polysilicon Manufacturing Hub

The financing will help unlock nearly 3,000 direct and indirect jobs, attract foreign direct investment, and advance Oman’s economic diversification agenda as it reduces reliance on oil revenues.

The International Finance Corporation (IFC), a member of the World Bank Group, has announced a landmark investment to support United Solar Polysilicon (FZC) SPC in developing a greenfield polysilicon manufacturing plant at Oman’s Sohar Freezone—positioning the country as a critical new player in the global solar supply chain.

The financing will help unlock nearly 3,000 direct and indirect jobs, attract foreign direct investment, and advance Oman’s economic diversification agenda as it reduces reliance on oil revenues. Once operational, the facility will be the Middle East’s first and largest polysilicon manufacturing plant, with a planned annual production capacity of 100,000 tonnes.

Strengthening a critical link in the global energy transition

Polysilicon is a foundational material for the solar photovoltaic (PV) value chain. At full capacity, United Solar’s Sohar plant is expected to support the production of approximately 40 gigawatts of solar modules annually—enough to power up to 12 million homes worldwide.

The project is projected to help avoid 8.8 million tonnes of greenhouse gas emissions per year, while strengthening the resilience, transparency, and diversification of the global solar PV supply chain. All polysilicon produced will be fully traceable, meeting increasingly stringent global standards for clean and responsible manufacturing.

“This is a transformative moment for United Solar, Oman, and the global solar industry,” said Sam Zhang, Founder and Chairman of United Solar. “With OIA and IFC’s support, we are building infrastructure that ensures manufacturers worldwide have reliable access to high-quality, traceable polysilicon essential to the energy transition.”

A milestone for Oman’s industrial transformation

The successful financial close reflects strong international confidence in Oman’s economy and industrial strategy, according to HE Mulham Al Jarf, Deputy President for Investment at the Oman Investment Authority (OIA), United Solar’s largest shareholder.

“This project will create employment opportunities for Omanis, enable SME participation, and establish a platform for future upstream and downstream renewable energy projects,” Al Jarf said. “It demonstrates our commitment to diversifying funding partnerships and accelerating Oman’s integration into global clean energy value chains.”

Blended finance driving low-carbon industrial growth

The project is supported by a coalition of development finance institutions, including the OPEC Fund, which is participating as a parallel lender alongside IFC.

“This financing reflects our commitment to supporting low-carbon industrial growth and strengthening renewable energy value chains in partner countries,” said Tareq Alnassar, Vice President for Private Sector at the OPEC Fund. “The project aligns climate impact with job creation and industrial capacity building.”

IFC emphasized the project’s role in reshaping global manufacturing flows.

“Together with United Solar, OIA, and our international partners, we are strengthening Oman’s export capacity and diversifying the global polysilicon supply chain,” said Ashruf Megahed, IFC Regional Industry Head for Manufacturing, Agribusiness, and Services in the Middle East and Central Asia. “This investment supports long-term industrial transformation while expanding access to clean energy globally.”

Closing a critical gap in global renewable deployment

According to a 2024 IFC report, the world must add roughly 1,100 gigawatts of new renewable capacity each year—more than double the current pace—to meet climate and development goals. Yet most renewable expansion remains concentrated in advanced economies, leaving developing regions underrepresented despite strong demand and economic need.

By anchoring large-scale clean energy manufacturing in Oman, the United Solar polysilicon plant aims to help rebalance that equation—bringing industrial capacity, climate impact, and energy security together in a single project.