News

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 the Oman Investment Authority, Oman's sovereign wealth fund. FFO comprises a capital totaling OMR 2 billion (equivalent to US$5.2 billion). FFO offers a range of funding opportunities for investors and partners seeking to contribute to the enhancement and stimulation of 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."