Financing
Secured for Polysilicon Facility in Sohar

Muscat,
19 Jan 2026 (ONA) — United Solar Holding today announced that its wholly owned
subsidiary, United Solar Polysilicon (FZC) SPC (USP), has secured US$480
million in term debt financing from the International Finance Corporation (IFC)
and partner banks. In addition, the Company announced that USP has secured more
than US$400 million in term debt and working capital facilities from local
commercial banks.

Oman
Investment Authority’s (OIA) Future Fund Oman has become United Solar’s largest
shareholder, with a total investment of approximately US$260 million,
reflecting strong sovereign confidence in the company’s growth and long-term
strategy. USP is expected to begin polysilicon production in this year. The project is located at Sohar Freezone.

Polysilicon
is a critical upstream material in the global solar photovoltaic (PV) value
chain. At full capacity, the facility is expected to support the production of
approximately 40 gigawatts of solar modules annually. Through this project, USP
aims to strengthen the resilience and diversification of the global solar PV
supply chain. Polysilicon produced at the facility will be fully traceable,
supporting transparency and competitiveness across downstream markets.

Mulham
Al Jarf, OIA’s Deputy President for Investment, stated: “The successful
financial close reflects a true team effort, supported by the Omani
government’s agility and strong international confidence in Oman’s economy, OIA
as the largest shareholder, and United Solar Polysilicon’s ability to deliver a
world-class project responding to the global energy transition.”

He
added: “This project will create employment opportunities for Omanis and
enable SMEs, while establishing a foundation for future upstream projects and
downstream renewable energy integration. It underscores the Authority’s
commitment to diversifying funding through partnerships with leading institutions
such as the IFC, and will drive expansion into solar cell and module
production, amplifying its long-term economic impact.”

“This
is a transformative moment for United Solar and the global solar industry,”
said Sam Zhang, Founder and Chairman of United Solar. “With OIA and IFC’s
support, we are building the infrastructure needed to strengthen the global
solar supply chain and ensure manufacturers have reliable access to
high-quality, traceable polysilicon that meets the world’s most rigorous
standards.”

“United
Solar is proud to partner with IFC and our banking partners on this landmark
transaction,” said Binyam Girogis, Group CFO and Board Director of the Company.
“The participation of leading international and regional financiers
demonstrates their confidence in the quality of the project, the strength of
our team, and the underlying commercial opportunity. More than 80 percent of
our capital has been provided by Omani institutions, regional and local banks,
and the International Finance Corporation. For us, this level and diversity of
participation validates our investment thesis and underscores Oman’s
attractiveness as a destination for long-term industrial investment.”

“Together
with USP, Oman Investment Authority, and our international partners, we are
committed to strengthening Oman’s export capacity, diversifying the global
polysilicon supply chain, and enabling pioneering projects such as this one,”
said Ashruf Megahed, IFC Regional Industry Head for Manufacturing,
Agribusiness, and Services in the Middle East and Central Asia. “By reinforcing
industrial capabilities, the project will significantly expand polysilicon
exports, contribute to the growth of global energy production, and support
Oman’s long-term economic diversification and industrial transformation.”

Once
complete, the $1.6 billion plant, with several investors, will be the Middle
East’s largest and only operational polysilicon manufacturing facility, with a
planned annual production capacity of 100,000 tons.

—Ends/AG