Polysilicon producer United Solar has reached financial close on a US$50 million equity investment from the World Bank Group’s International Finance Corporation (IFC) for its polysilicon facility in Oman.
The equity investment loan had been finalised nearly a year ago, when United Solar secured a US$200 million loan and the aforementioned US$50 million equity investment with the IFC.
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Financing from the IFC for United Solar’s polysilicon facility in Oman was further increased earlier this year with a US$480 million debt financing. With this latest equity investment, the IFC has arranged and mobilised more than 30% of the total capital raised in United Solar’s polysilicon facility.
In total, United Solar raised nearly US$1.6 billion from global investors to complete the funding of the largest operational polysilicon manufacturing facility in the Middle East.
Commercial operations at the 100,000-ton-per-year polysilicon facility – or the equivalent of 40GW of annual nameplate capacity for modules once fully ramped up – began in January 2026 and are expected to fully ramp up by the end of the year.
Binyam Giorgis, Group CFO of United Solar, said: “With the backing of the World Bank Group, and on the foundation laid by the Oman Investment Authority, we are delivering world-class, fully traceable polysilicon that tier-one manufacturers need — and doing so as an FEOC-compliant producer they can rely on as they build resilient, diversified supply chains.”
In related United Solar news, the company has appointed Todd Templeton as its director of the Americas. This comes as the company ramps up production and expands its presence in the US.
Templeton previously served as director of the Americas at former Norwegian ingots and wafers producer NorSun and also served as chief commercial officer at CubicPV and 1366 Technologies.
“As the US solar market works to build a more diversified solar supply chain, United Solar is well-positioned to be a long-term partner to manufacturers seeking a reliable, transparent, and FEOC-compliant source of polysilicon. I’m excited to help expand our partnerships and support the continued growth of the US solar manufacturing base,” said Templeton.
United Solar’s expansion in the US market comes as domestic polysilicon supply remains scarce, with only a single producer, Hemlock, with an annual nameplate capacity of around 20GW for both semiconductors and solar PV, according to data from PV Tech’s Market Research. This would not cover even half of the currently operational module nameplate capacity in the US, which would require module manufacturers to procure supplies outside the US that are not affected by policy restrictions or tariffs.
