Oman-based firm United Solar announced on 20 January that it had finishing securing $1.6bn in funding needed for its 100,000-ton polysilicon plant at Sohar. Polysilicon is the key raw material for the production of solar panels, and the production facility is part of Muscat’s plans to localize the manufacturing of components for renewable energy projects (MEES, 15 March, 2024). At full capacity, the plant is planned to produce up to 40GW of solar modules each year.
Sovereign wealth fund Oman Investment Authority (OIA) is United Solar’s largest investor, with funding also secured from the World Bank’s International Finance Corporation (IFC). (CONTINUED - 190 WORDS)