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This landmark financing enables the start of production at United Solar’s 100,000-metric-ton polysilicon manufacturing facility in the first quarter of 2026.

The facility is designed to meet international standards for quality, traceability, and environmental performance, and to comply with leading global policy frameworks, including U.S. Foreign Entity of Concern (FEOC) requirements.

MUSCAT, Oman, January 19, 2026 – United Solar Holding Inc. (“United Solar” or the “Company”) 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 led by Sohar International Bank SAOG (“Sohar International”).

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 this year.

Polysilicon is a critical upstream material in the global solar photovoltaic (PV) value chain. At full capacity, the facility is expected to produce 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.

“The successful financial close reflects a strong team effort, supported by the Omani government’s agility, international confidence in Oman’s economy, OIA as the largest shareholder, and United Solar Polysilicon’s ability to deliver a world-class project aligned with the global energy transition,” said HE Mulham Al Jarf, OIA’s Deputy President for Investment. “We extend our gratitude to the national negotiation team for the agility that expedited executing this mega project in record time.”

The project will create employment opportunities for Omanis, support SMEs, and establish a platform for future upstream initiatives and downstream renewable energy integration. It reinforces the Authority’s commitment to diversified funding through partnerships with institutions such as the IFC, while driving expansion into solar cell and module production and enhancing 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. Omani institutions, regional and local banks, and the International Finance Corporation have provided more than 80 percent of our capital. 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.”  

“United Solar’s polysilicon facility represents a transformational industrial investment for Oman—strengthening export capacity, advancing clean-energy supply chains, and positioning the Sultanate as a credible hub for advanced manufacturing aligned with international standards. Our participation reflects strong confidence in the project’s fundamentals, governance, and long-term economic impact, while reaffirming our commitment to financing initiatives that support diversification, sustainability, and Oman Vision 2040. Leading this landmark financing further underscores Sohar International’s role as a national financial partner enabling projects of global significance,” said Abdulwahid Mohamed Al Murshidi, Chief Executive Officer of Sohar International.

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.

Globally, about 1,100 gigawatts of new renewable capacity must be added each year, more than double the current expansion rate. Yet renewable energy growth remains concentrated in advanced economies, leaving the vast majority of developing countries behind despite significant economic and development needs, according to a 2024 IFC report.

About United Solar

United Solar is a leading producer of high-purity polysilicon—the essential material used in the manufacture of solar panels—operating one of the world's most advanced polysilicon manufacturing facilities in Oman. The company uses cutting-edge processes and modular plant design to deliver cost-competitive polysilicon at scale, while meeting rigorous international standards for quality, traceability, and environmental responsibility. United Solar is committed to building a secure, resilient, and globally competitive solar supply chain.

About Oman Investment Authority (OIA)

Oman Investment Authority is the investment arm of the Sultanate of Oman. It is mandated to manage, invest in, and grow the Sultanate’s assets locally and internationally. Its investment funds are geographically diverse, with investments on every continent, and cover a wide range of sectors, including food and fisheries, energy, logistics, Information and Communication Technology (ICT), public services, financial and investment services, tourism, mining, manufacturing, and aviation. It plays a key role in driving sustainable economic development and achieving Oman’s vision of becoming a more attractive investment destination.

About IFC

IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2025, IFC committed a record $71.7 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet.

About Sohar International

Sohar International is Oman’s fastest-growing bank, guided by a clear vision to become a world-leading Omani service company that helps customers, communities, and people prosper and grow. With a purpose to help people ‘win’ by delivering responsive banking for their ever-changing world, the bank offers innovative solutions across Commercial and Investment Banking, Wealth Management, Islamic Banking, and more. Operating with a strong digital-first approach and an expanding regional footprint—including presence in the Kingdom of Saudi Arabia—Sohar International is committed to driving value through strategic partnerships and a dynamic customer experience.

Media Contacts:

Jessi Zhang

Secretary of the Board

Email: Jessi.Zhang@unitedsolarholding.com