Oman Arab Bank has signed a $220 million financing agreement with United Solar Polysilicon to help establish a polysilicon production facility in Oman.
The signing took place at the bank‘s CEO Summit 2025 held in the Omani capital Muscat in November, with the country‘s Minister of Energy and Minerals, Salim bin Nasir bin Said Al Aufi, present.
Work on the polysilicon plant, to be built in the Sohar Freezone in northern Oman, began in March 2024. The $1.6 billion project is expected to supply enough polysilicon to produce 40 GW of solar panels annually at full capacity, making it the largest facility of its kind in the Middle East.
According to a statement from the Oman Arab Bank, the agreement offers opportunities to boost Oman’s labor market and strengthens the country’s role as a global hub for trade, logistics and green energy.
The bank is the latest in a series of investors in the project. In August, the International Finance Corporation, the World Bank’s private sector financing arm, approved a loan of up to $250 million for the facility. The project also has was supported by one Investment of $156 million of Future Fund Oman, a financing mechanism controlled by Oman’s sovereign wealth fund.
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