Latest news with #UnitedSolar
Asharq Al-Awsat
10-08-2025
- Business
- Asharq Al-Awsat
World Bank's IFC Approves Oman Polysilicon Project Loan
The World Bank's International Finance Corporation on Friday approved a loan and investment worth up to $250 million in a polysilicon manufacturing project in Oman for solar power applications, over the objections of the IFC's US executive director, the US Treasury Department said. Three other executive directors on the IFC board abstained from the vote on the United Solar Polysilicon project, including those representing Germany, the Netherlands and Nordic countries, two sources familiar with the vote said, according to Reuters. United Solar plans to build a $1.6 billion plant to produce 100,000 metric tons of polysilicon a year in Oman's Sohar Port Freezone. The company has some links to China, partly through its chairman and founder, Zhang Longgen, a US citizen who was previously CEO of Chinese polysilicon maker Daqo New Energy Corp. A key United Solar shareholder, Chinese private equity investor IDG Capital, spent much of last year on a US Defense Department list of companies with links to China's military before its removal in December. Other shareholders include Zhang and Oman's sovereign wealth fund. IFC intends to provide a loan of up to $200 million and a preferred equity investment of $50 million, according to its disclosure sheet on the project. At full capacity, the United Solar plant in Oman would produce enough polysilicon annually to supply solar panels producing 40 gigawatts of power. China dominates the global production of polysilicon, a key ingredient in solar panels, and in its higher-purity form, a raw material for semiconductor production. The sector is already suffering from massive excess capacity. Reuters reported last week that Chinese polysilicon producers are in talks to spend 50 billion yuan ($7 billion) to acquire and shut down roughly a third of their production capacity and restructure part of the loss-making sector. One of the sources said the US and the abstaining countries viewed the project effectively as a new Chinese enterprise, supplied largely by Chinese state firms, and adding to excess capacity in the sector. The Trump administration, in both of its terms, has pressed the World Bank to stop lending to China. The US last year approved a $325 million federal grant to Michigan-based Hemlock Semiconductor for a major expansion to produce semiconductor-grade polysilicon to support reshoring of the chip supply chain.
Express Tribune
10-08-2025
- Business
- Express Tribune
IFC funds Oman solar project over US objection
Listen to article The World Bank's International Finance Corporation on Friday approved a loan and investment worth up to $250 million in a polysilicon manufacturing project in Oman for solar power applications, over the objections of the IFC's US executive director, two sources familiar with the board vote said. Three other executive directors on the IFC board abstained from the vote on the United Solar Polysilicon project, including those representing Germany, the Netherlands and Nordic countries, the sources said. United Solar plans to build a $1.6 billion plant to produce 100,000 metric tonnes of polysilicon a year in Oman's Sohar Port Freezone. The company has some links to China, partly through its chairman and founder, Zhang Longgen, a US citizen who was previously CEO of Chinese polysilicon maker Daqo New Energy Corp. A key United Solar shareholder, Chinese private equity investor IDG Capital, spent much of last year on a US Defence Department list of companies with links to China's military before its removal in December. Other shareholders include Zhang and Oman's sovereign wealth fund.
Reuters
09-08-2025
- Business
- Reuters
World Bank's IFC approves Oman polysilicon project loan over US objection
Aug 8 (Reuters) - The World Bank's International Finance Corporation on Friday approved a loan and investment worth up to $250 million in a polysilicon manufacturing project in Oman for solar power applications, over the objections of the IFC's U.S. executive director, the U.S. Treasury Department said. Three other executive directors on the IFC board abstained from the vote on the United Solar Polysilicon project, including those representing Germany, the Netherlands and Nordic countries, two sources familiar with the vote said. United Solar plans to build a $1.6 billion plant to produce 100,000 metric tons of polysilicon a year in Oman's Sohar Port Freezone. The company has some links to China, partly through its chairman and founder, Zhang Longgen, a U.S. citizen who was previously CEO of Chinese polysilicon maker Daqo New Energy Corp (DQ.N), opens new tab. A Daqo New Energy subsidiary, Xinjiang Daqo New Energy Co Ltd, is listed on the U.S. Department of Homeland Security's Uighur Forced Labor Protection Act Entity List, opens new tab, which bans its products from importation into the U.S. "The United States voted against this project and will continue to use its voice and vote at the World Bank Group, as well as at all other multilateral institutions, to pursue America First principles," a U.S. Treasury spokesperson said in an emailed statement. The department manages the dominant U.S. shareholding in the World Bank Group. A key United Solar shareholder, Chinese private equity investor IDG Capital, spent much of last year on a U.S. Defense Department list, opens new tab of companies with links to China's military before its removal in December. Other shareholders include Zhang and Oman's sovereign wealth fund. The World Bank and IFC - its private-sector financing arm - did not respond to requests for comment. IFC intends to provide a loan of up to $200 million and a preferred equity investment of $50 million, according to its disclosure sheet, opens new tab on the project. At full capacity, the United Solar plant in Oman would produce enough polysilicon annually to supply solar panels producing 40 gigawatts of power. China dominates the global production of polysilicon, a key ingredient in solar panels, and in its higher-purity form, a raw material for semiconductor production. The sector is already suffering from massive excess capacity. Reuters reported last week that Chinese polysilicon producers are in talks to spend 50 billion yuan ($7 billion) to acquire and shut down roughly a third of their production capacity and restructure part of the loss-making sector. One of the sources said the U.S. and the abstaining countries viewed the project effectively as a new Chinese enterprise, supplied largely by Chinese state firms, and adding to excess capacity in the sector. The Trump administration, in both of its terms, has pressed the World Bank to stop lending to China. Treasury Secretary Scott Bessent has also called upon the bank and the International Monetary Fund to concentrate on their core development and financial stability missions and pull back from climate finance and gender projects. The U.S. last year approved a $325 million federal grant to Michigan-based Hemlock Semiconductor for a major expansion to produce semiconductor-grade polysilicon to support reshoring of the chip supply chain.
Yahoo
09-08-2025
- Business
- Yahoo
World Bank's IFC approves Oman polysilicon project loan over US objection, sources say
By David Lawder (Reuters) -The World Bank's International Finance Corporation on Friday approved a loan and investment worth up to $250 million in a polysilicon manufacturing project in Oman for solar power applications, over the objections of the IFC's U.S. executive director, two sources familiar with the board vote said. Three other executive directors on the IFC board abstained from the vote on the United Solar Polysilicon project, including those representing Germany, the Netherlands and Nordic countries, the sources said. United Solar plans to build a $1.6 billion plant to produce 100,000 metric tons of polysilicon a year in Oman's Sohar Port Freezone. The company has some links to China, partly through its chairman and founder, Zhang Longgen, a U.S. citizen who was previously CEO of Chinese polysilicon maker Daqo New Energy Corp. A key United Solar shareholder, Chinese private equity investor IDG Capital, spent much of last year on a U.S. Defense Department list of companies with links to China's military before its removal in December. Other shareholders include Zhang and Oman's sovereign wealth fund. A spokesperson for the U.S. Treasury Department, which manages the United States' dominant shareholding in the World Bank, did not immediately respond to a request for comment on the IFC loan. The World Bank and IFC - its private-sector financing arm - also did not immediately respond to requests for comment. IFC intends to provide a loan of up to $200 million and a preferred equity investment of $50 million, according to its disclosure sheet on the project. At full capacity, the United Solar plant in Oman would produce enough polysilicon annually to supply solar panels producing 40 gigawatts of power. China dominates the global production of polysilicon, a key ingredient in solar panels, and in its higher-purity form, a raw material for semiconductor production. The sector is already suffering from massive excess capacity. Reuters reported last week that Chinese polysilicon producers are in talks to spend 50 billion yuan ($7 billion) to acquire and shut down roughly a third of their production capacity and restructure part of the loss-making sector. One of the sources said the U.S. and the abstaining countries viewed the project effectively as a new Chinese enterprise, supplied largely by Chinese state firms, and adding to excess capacity in the sector. The Trump administration, in both of its terms, has pressed the World Bank to stop lending to China. The U.S. last year approved a $325 million federal grant to Michigan-based Hemlock Semiconductor for a major expansion to produce semiconductor-grade polysilicon to support reshoring of the chip supply chain. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-05-2025
- Business
- Yahoo
United Solar Polysilicon Announces Strategic Partnership with OQ Alternative Energy to Develop 700MW Photovoltaic Power Station
MUSCAT, Oman, May 16, 2025 /PRNewswire/ -- United Solar Polysilicon ("United Solar" or the "Company"), a leading global provider of high-quality polysilicon solutions, is pleased to announce a strategic partnership with OQ Alternative Energy, a prominent renewable energy developer in the Middle East. Together, the two companies will jointly develop a landmark 700-megawatt (MW) photovoltaic (PV) power station, marking a significant milestone in the region's transition to sustainable energy. This joint development agreement underscores the shared commitment of both companies to advancing sustainable energy solutions and diversifying energy mix in Oman and the broader Middle East. Once operational, the 700MW PV project will contribute substantially to Oman's national renewable energy goals, supporting the country's vision for a more sustainable and resilient energy future. "This partnership embodies our shared vision to harness the region's abundant solar resources and accelerate the transition to clean, renewable energy," said Longgen Zhang, Founder and Chairman of United Solar. "We are excited to partner with OQ Alternative Energy on a project that not only supports Oman's energy goals but also demonstrates the transformative power of sustainable energy generation across the Middle East." "Collaborating with United Solar Polysilicon allows us to leverage our combined expertise in renewable energy development," stated Najla Al Jamali, CEO of OQ Alternative Energy. "This project will contribute significantly to Oman's clean energy landscape and set a benchmark for future initiatives in the region." Together, United Solar Polysilicon and OQ Alternative Energy are powering a cleaner, greener future for Oman and the wider region. About United Solar Polysilicon: United Solar Polysilicon is a global leader in the production of high-purity polysilicon for the solar industry. With a focus on innovation, quality, and sustainability, the company supplies essential materials for solar module manufacturing worldwide. About OQ Alternative Energy: OQ Alternative Energy is a regional pioneer in renewable energy development, committed to delivering innovative and sustainable energy solutions across the Middle East. The company focuses on solar, wind, and other clean energy projects to support economic diversification and environmental stewardship. For media inquiries, please contact: Jessi ZhangSecretary of the BoardUnited Solar Polysilicon Email: +968 9116 1968 View original content: SOURCE United Solar Holding Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
