It has been reported that Oman Arab Bank and United Solar Polysilicon Company have signed a $200 million financing agreement aimed at supporting the development of the company’s polysilicon manufacturing plant in Oman.
A statement released by Oman Arab Bank noted that this agreement is expected to create opportunities in the Omani job market and strengthen the country’s position as a global hub for trade, logistics, and green energy.
According to available information, the United Solar Oman 100,000-ton polysilicon plant project was announced on March 11, 2024, with a total investment of $1.6 billion. It is scheduled to commence production in 2025. At full capacity, the plant’s annual output is projected to meet the demand for 40 GW of photovoltaic module production.
Earlier, in April this year, United Solar announced that it had reached an agreement with the International Finance Corporation (IFC), a member of the World Bank Group, signing a strategic framework to support the construction of the polysilicon plant in Oman. In August, media reports indicated that the IFC had approved a $250 million loan and investment package for the Omani polysilicon manufacturing project, including a $200 million (approximately RMB 1.437 billion) loan and a $50 million (approximately RMB 359 million) investment in preferred shares.
Additionally, in October 2024, the Future Fund Oman invested OMR 60 million (approximately RMB 1.101 billion) in United Solar Company.
According to United Solar’s official website, the company was founded in May 2023 and is headquartered in Oman, focusing on the global polysilicon market. Its founder and chairman is Sam Zhang.
Based on comprehensive information from multiple sources, the founder and chairman of United Solar Polysilicon Company, Sam Zhang, is in fact Longgen Zhang, the former Chief Financial Officer of Jinko Solar and former Vice Chairman of Daqo New Energy.
