IFC approves funding for $1.6-billion polysilicon plant in Oman

WASHINGTON D.C., August 11, 2025 – The International Finance Corporation (IFC) has approved a loan and equity investment of up to USD 250 million to support United Solar Polysilicon’s (USP) USD 1.6-billion polysilicon plant in Sohar, Oman, Reuters reported on Friday.

The financing includes a loan of up to USD 200 million and a preferred equity investment of USD 50 million.

The funding will support the construction of a factory in the Sohar Port and Freezone, with a planned production capacity of 100,000 tonnes of polysilicon per year. The project, led by USP, is set to become the first of its kind in the Middle East.

The foundation stone was laid in 2024, with Future Fund Oman investing USD 156 million in the development in October of that year.

The approval of the IFC package followed a board vote in which the US executive director opposed the project, while directors representing Germany, the Netherlands and Nordic countries abstained.

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