Muscat – United Solar Holding, which is developing the world’s most advanced polysilicon manufacturing facility in the Sohar Freezone through its subsidiary United Solar Polysilicon, has secured a $30mn investment from the US-based leading solar module manufacturer Waaree Solar Americas.
Waaree Solar Americas announced that it has signed a binding term-sheet to invest $30mn in United Solar through Series B preferred shares. In addition, Waaree has entered into a long-term polysilicon offtake agreement with United Solar to supply its global manufacturing operations, including those in the United States. The transaction is expected to close by January 31, 2026, subject to customary closing conditions.
The funding will help accelerate the completion of United Solar’s advanced polysilicon manufacturing facility in the Sohar Freezone by early next year, the company said in a press statement released on Monday.
With more than 90% of global polysilicon output currently concentrated in China, United Solar’s Sohar facility is expected to become the largest producer outside that base, offering a secure and large-scale alternative to diversify the global solar supply chain.
Waaree’s investment will support the completion of the Sohar facility, which is designed to produce 100,000 metric tonnes of polysilicon annually – sufficient to support around 40GW of solar module production per year.
Hitesh C Doshi, Chairman and Managing Director of Waaree Group, said, “This strategic investment in United Solar is a decisive step in strengthening Waaree’s long-term, secure and fully traceable polysilicon supply chain to support our rapidly expanding US and global manufacturing footprint. As Waaree scales its solar module and cell capacities worldwide, access to reliable, cost-competitive and geopolitically diversified upstream materials is critical to delivering certainty to our customers and partners.
“United Solar’s world-class polysilicon facility in Oman represents a credible and resilient alternative that aligns with our commitment to supply chain transparency, energy security and sustainable growth.”
Sam Zhang, Chairman of United Solar Holding, said, “We are proud to have Waaree, one of the world’s largest solar manufacturers, as both an investor and a customer. This investment is a testament to United Solar’s unique position as a leader in the polysilicon industry and to Waaree’s commitment to supporting reliable polysilicon sources and contributing to a more secure and diversified solar supply chain.”
As part of its growth strategy, United Solar is advancing plans to establish a vertically integrated supply chain that will ultimately include solar cell and wafer facilities to support domestic manufacturing, economic growth and skilled job creation. Under the agreement, Waaree will receive long-term polysilicon offtake rights from United Solar.
The two companies also plan to explore additional opportunities for collaboration across the solar value chain. By combining United Solar’s polysilicon production capabilities with Waaree’s downstream module manufacturing expertise, the partners aim to accelerate clean energy deployment while enhancing energy security in key global markets.
United Solar’s Sohar factory is also expected to contribute to the development of a broader manufacturing ecosystem in Oman, including a future roadmap for silicon metal production, solar cell development and a 700-MW solar power project.
