United Solar Holding’s subsidiary, United Solar Polysilicon (USP), has secured over $900 million to complete financing for its cutting-edge polysilicon facility in Oman.

The funding includes $480 million in term debt from the International Finance Corporation (IFC) and partner banks, plus over $400 million in term debt and working capital facilities from local banks led by Sohar International Bank.

Oman Investment Authority’s Future Fund Oman has become USP’s largest shareholder with a $260 million investment.

The $1.6 billion facility, planned to begin production this year, will be one of the Middle East’s largest operational polysilicon plants, with an annual capacity of 100,000 tonnes—enough to produce around 40 GW of solar modules.

Polysilicon, a key upstream material for solar photovoltaics (PV), will be fully traceable, strengthening the resilience and transparency of the global PV supply chain.

The project will create employment for Omanis, support SMEs, and establish a platform for future upstream and downstream renewable energy initiatives.

"The successful financial close reflects a strong team effort, supported by the Omani government’s agility, international confidence in Oman’s economy, OIA as the largest shareholder, and United Solar Polysilicon’s ability to deliver a world-class project aligned with the global energy transition," said Mulham Al Jarf, OIA’s Deputy President for Investment. "We extend our gratitude to the national negotiation team for the agility that expedited executing this mega project in record time."