Polysilicon project in Oman gets $200m financing loan

United Solar Polysilicon has signed a $200 million loan to build a renewable energy plant in Oman’s northern town of Sohar.

The advance from Oman Arab Bank will go towards a polysilicon manufacturing factory for solar power applications in the free zone area next to the Sohar port, the company said in a statement to AGBI.

The project will have a production capacity of 100,000 tonnes of polysilicon per annum, which is a vital ingredient in solar panels.

Operations at the 160,000 square metre plant are expected to start in the second quarter of next year. 

At full capacity, it will produce enough polysilicon annually to supply solar panels producing 40 gigawatts of power.

“This project is one of the important contributions of Oman’s Vision 2040 to promote green hydrogen production and cut down the cost of power generation in the country,” said a statement from the ministry of commerce, industry and investment promotion.

Oman is targeting a 40 percent contribution from renewables to its electricity requirements by 2040 as it looks to wean its economy off a reliance on hydrocarbons and achieve carbon neutrality by 2050.

Further reading:

• Oman set to finalise 2GW green projects by year-end
• Oman’s EDO borrows $1bn for renewables expansion
• Oman’s 125MW wind farm to start operations in 2027