Cision PR Newswire
United Solar Holding Inc. Receives US$156 million Investment from Future Fund Oman.
SOHAR, Oman, Oct. 2, 2024 /PRNewswire/ -- United Solar Holding Inc. ("United Solar" or the "Company"), a manufacturer of high-purity polysilicon for the global solar PV industry, is pleased to announce a strategic investment from Future Fund Oman ("FFO"), launched by the sovereign wealth fund of Oman. FFO is investing OMR 60 million (equivalent to US$156 million) in United Solar, which is constructing a state-of-the-art 100,000-ton polysilicon factory in Sohar Port and Freezone, a key player in the global trade network, offering unparalleled access to world markets.
FFO was established by Oman Investment Authority, the sovereign wealth fund of Oman. FFO comprises a capital totaling OMR 2 billion (equivalent to US$5.2 billion). FFO offers an array of funding opportunities for investors and partners looking to play a role in enhancing and stimulating Oman's economic landscape.
Rashid Sultan Al Hashmi, Senior Manager of FFO, stated: "FFO's investment in United Solar represents a milestone in Oman's journey to becoming a key player in the renewable energy manufacturing supply chain. This strategic initiative closely aligns with Oman Vision 2040, which seeks to foster a diversified and resilient economy. United Solar is poised to establish itself as a leading manufacturer of solar products, offering competitive solutions to meet growing global demand. This new facility will enhance Oman's standing in the renewable energy market and serve as a catalyst for further foreign direct investment (FDI). This project is expected to attract further downstream investments in Oman's solar manufacturing value chain."
Mr. Longgen Zhang, Founder and Chairman of United Solar, commented: "We are delighted to welcome FFO as a strategic investor and partner. We deeply appreciate all the support from the Oman authorities and our industrial partners. Our dedicated team from the global solar industry is committed to building a world-class business and accelerating the transition to a carbon-free world."
About United Solar Holding Inc.
United Solar Holding Inc. ("United Solar" or the "Company") is a global solar manufacturing company with a strong focus on the U.S. market. Starting in 2023 with global solar industry veterans, the Company is constructing a polysilicon factory in the SOHAR Port and Freezone. With an annual production capacity of 100,000 tons, this facility will be the largest single-unit plant in the world and the first of its kind in the Middle East. The US$1.6 billion landmark project is slated to commence operations in 2025.
Contact: Linda Bergkamp, lbergkamp@christensenir.com
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SOURCE United Solar Holding Inc.
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