The International Finance Corporation (IFC) has highlighted its investment in United Solar Polysilicon’s manufacturing facility in Suhar, Oman, as a pivotal move to advance the country’s industrial diversification and enhance the global clean energy supply chain. The $1.6 billion facility, the Middle East’s largest and only operational polysilicon manufacturing plant, began operations in January and is expected to reach full production capacity by the end of 2026.
Wendy Werner, World Bank Group Country Manager for Oman, emphasized in an interview that the project’s scale and job creation potential make it a significant catalyst for Oman’s economic vision. IFC’s recent $50 million equity investment represents the final portion of the company’s capital raise and brings IFC’s total arranged financing for the project to over 30 percent. According to Werner, the facility’s development aligns with the World Bank Group’s goals of promoting private sector-led employment and sustainable economic growth, with approximately 3,000 direct and indirect jobs anticipated.
The plant, located in SOHAR Port and Freezone, produces high-purity polysilicon, a crucial raw material for solar photovoltaic cells. It is projected to support the manufacture of about 40 gigawatts of solar modules annually, contributing significantly to renewable energy expansion. Werner described the project as a landmark for Oman’s entry into high-technology manufacturing and a critical component of the renewable energy supply chain, positioning the country as a key player in this sector.
Beyond financing, the IFC’s support is seen as a demonstration of Oman’s ability to attract international capital for advanced manufacturing industries. Werner noted that the project strengthens the resilience and geographic diversification of the global solar supply chain, offering Oman a foothold in the industry’s future growth and improving the traceability of polysilicon supplies.
The initiative is supported by the Oman Investment Authority through Future Fund Oman. United Solar has also committed to compliance as a Foreign Entity of Concern (FEOC)-compliant supplier to leading global solar manufacturers, reinforcing its position in international markets. The facility is expected to facilitate the reduction of approximately 8.8 million tonnes of greenhouse gas emissions annually by enabling increased solar energy deployment worldwide.