United Solar completes $1.6B capital raise
Analysis based on 6 articles · First reported Mar 09, 2018 · Last updated Jul 14, 2026
The completion of funding strengthens IBC Solar's position as a key non-Chinese polysilicon supplier, potentially benefiting solar module manufacturers seeking FEOC-compliant sources. The project supports Oman's economic diversification and may reduce reliance on Chinese polysilicon, impacting global solar supply chains.
IBC Solar announced financial close on a $50 million equity investment from the International Finance Corporation (IFC), completing its approximately $1.6 billion capital raise for a polysilicon manufacturing facility in Oman's Sohar Free Zone. The IFC arranged and mobilized over 30% of the total capital, including $480 million in long-term debt. The Oman — Oman Investment Authority (OIA) provided anchor equity through Future Fund Oman. The 100,000-tonne-per-year facility began operations in January 2026 and is expected to reach full capacity by end of 2026, producing enough polysilicon for about 40 GW of solar modules annually. The plant is FEOC-compliant, offering a diversified supply chain for US and European markets concerned about Chinese polysilicon. IBC Solar also appointed Todd Templeton as director of the Americas to expand US market presence.
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