Solar polysilicon manufacturer United Solar Holding has raised over $900 million in funding for its polysilicon plant in Oman.
The company stated that upon completion of financing, its 100,000-ton polysilicon manufacturing facility is scheduled to begin production in the first quarter of 2026. According to the company, once operating at full capacity, the annual polysilicon output of the plant will roughly equate to the production capacity of 40 GW of solar modules.
The company noted that the plant is designed to meet international standards for quality, traceability, and environmental performance. United Solar also added that the facility will comply with policy frameworks such as the U.S. “Foreign Entity of Concern” (FEOC) requirements, enabling it to supply polysilicon to the United States.
According to data from the Solar Energy Industries Association (SEIA), the U.S. currently has only 25 GW of annual polysilicon production capacity in operation, with an additional 8 GW announced. On the other hand, as of the end of October 2025, the annual nameplate capacity for solar modules in the U.S. slightly exceeded 60 GW.
Prior to this, the company had completed financing for the polysilicon plant project. Its subsidiary, United Solar Polysilicon, secured $480 million in debt financing from the International Finance Corporation (IFC) and other partner banks. The subsidiary also obtained over $400 million in term loans and working capital loans from local commercial banks, led by Sohar International Bank SAOG.
Sam Zhang, Founder and Chairman of United Solar, said, “This is a transformative moment for United Solar and the global solar industry. Supported by the Oman Investment Authority (OIA) and the International Finance Corporation (IFC), we are building the necessary infrastructure to strengthen the global solar supply chain, ensuring manufacturers have reliable access to high-quality, traceable polysilicon that meets the world’s most stringent standards.”
Sam Zhang, formerly the Chief Financial Officer of JinkoSolar and former Vice Chairman of Daqo New Energy, is a key figure behind this initiative.
It is reported that the total investment for the 100,000-ton polysilicon plant amounts to $1.6 billion. Prior to this, the World Bank provided $250 million in financing in August 2025, and Oman’s sovereign wealth fund—Future Fund Oman (FFO)—provided 60 million Omani Rials (approximately $155 million) in financing in October 2024. Future Fund Oman is also the largest shareholder of United Solar, with total investments nearing $260 million.
Bank Muscat and United Solar Polysilicon signed a $220 million (approximately 1.413 billion yuan) financing agreement.
Construction of the plant began in March 2024 and is expected to commence operations this quarter, meaning it will have taken nearly two years to complete and become operational.
