On January 23, 2026, the Joint Solar Polycrystalline Silicon (FZC) SPC (hereinafter referred to as "Joint Solar") in the Suhar Free Zone of Oman announced significant progress: its green space project, with a total investment of 1.6 billion US dollars and an annual output of 100000 tons of polycrystalline silicon, has completed financing and delivery of over 900 million US dollars, marking the beginning of the production sprint stage of the first and largest polycrystalline silicon manufacturing base in the Middle East. After full production, it can support the global demand for about 40GW of solar module raw materials, and Oman's blueprint for the "Silicon Capital of the Middle East" has officially landed.

This financing adopts a collaborative model between multilateral financial institutions and commercial banks, with a clear structure and strong financial strength. The International Finance Corporation (IFC), a subsidiary of the World Bank Group, led the formation of a financing package, providing a total of $480 million in long-term loans. IFC's own funds contributed $200 million, the Organization of the Petroleum Exporting Countries (OPEC) Fund contributed $50 million, and four regional top banks, including Abu Dhabi Commercial Bank and Kuwait Ahly Bank, jointly undertook $230 million in loans; Oman Arab Bank and other local financial institutions have followed suit, providing over $400 million in term loans and working capital credit. Oman Arab Bank alone has finalized a $220 million cooperation agreement in December 2024.

The equity side also saw an upgrade, with Oman's sovereign fund "Future Fund" (a core investment platform under the Oman Investment Management Authority) increasing its initial capital from $156 million to $260 million, continuing to secure its position as the largest shareholder of United Solar Energy, demonstrating Oman's official core support for the project.

The project has entered a critical closing period. Sam Zhang, chairman and founder of the parent company of United Solar Holdings, revealed that the factory has entered the final debugging stage in January 2026 and is expected to achieve formal discharge in the first quarter. It is worth noting that the project focuses on high-end polycrystalline silicon products, which not only achieve full process traceability, but also comply with the compliance requirements of the US Foreign Concern Entity. The target customer group accurately targets mainstream component manufacturers in Europe, North America, and India, anchoring high-value markets in advance.

According to IFC's calculations, after the project is put into operation, it will add 100000 tons of effective polycrystalline silicon production capacity globally, with a significant employment driving effect, directly creating 1000 high skilled jobs and driving nearly 3000 indirect employment opportunities in upstream and downstream industries.

From the perspective of industry and regional strategy, the implementation significance of this project is profound. On the one hand, the IFC 2024 report clearly states that the world needs to add an average of 1100GW of renewable energy installations annually to achieve the 1.5 ℃ temperature control target. However, the current new installations are concentrated in developed economies, and the landing of large-scale polysilicon production capacity in Oman is seen by the industry as a key step in breaking the traditional pattern of polysilicon supply chain and enhancing the resilience of the global photovoltaic supply chain. On the other hand, this project is also a core lever for Oman's economic transformation. Mulham Al Jarf, Vice President of Investment at the Oman Investment Management Authority, stated that the project will open up a participation channel for Oman's small and medium-sized enterprises to participate in the upstream and downstream supporting of photovoltaics. In the future, it will also extend to silicon wafers, batteries, modules and other links, create an integrated photovoltaic industrial park, help Oman's "2040 Vision" landing, reduce the economy's dependence on oil revenue, and consolidate the foundation of clean manufacturing industry.

Tareq Alnassar, Vice President of Private Sector at OPEC Fund, also stated that the core goal of participating in parallel loans for investment is to support partner countries in upgrading their low-carbon industries and improving the regional renewable energy value chain.Editor/Bian Wenjun