Majda Muhsen
United Solar announced on Monday that it has reached financial close on the International Finance Corporation's (IFC) previously announced $50 million equity investment, completing the company's $1.6 billion capital raise for its polysilicon manufacturing project in Oman.
IFC arranged and mobilised more than 30 percent of the total capital raised, the company said in a press statement.
The IFC investment was announced in January 2026.
United Solar's 100,000-tonne-per-year polysilicon manufacturing facility in Sohar Free Zone began operations in January 2026 and is expected to ramp up to full production capacity by the end of the year.
The project is currently the Middle East's largest and only operational polysilicon manufacturing facility.
At full capacity, the plant is expected to produce sufficient polysilicon to support the manufacture of approximately 40 gigawatts (GW) of solar photovoltaic (PV) modules annually.
"The closing of IFC's investment completes our approximately $1.6 billion capital raise and is a powerful endorsement of United Solar's standards, governance and long-term commercial strength," said Binyam Giorgis, Group Chief Financial Officer of United Solar.
"With the backing of the World Bank Group, and on the foundation laid by the Oman Investment Authority, we are delivering world-class, fully traceable polysilicon that tier-one manufacturers need, and doing so as an FEOC-compliant [Foreign Entity of Concern] producer they can rely on as they build resilient, diversified supply chains," he added.
The financial close builds on Oman Investment Authority's (OIA) anchor equity investment through Future Fund Oman.
(Writing by Majda Muhsen; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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