The International Finance Corporation (IFC), headquartered in Washington, D.C., has approved up to $250 million for United Solar’s polysilicon facility in Oman’s Sohar Port Freezone. United Solar, based in Oman, is planning a $1.6 billion plant that will produce 100,000 metric tons of polysilicon annually for 40 GW of solar capacity. According to IFC, the financing package has included a $200 million loan and $50 million in preferred equity. Major shareholders include chairman Zhang Longgen, Oman’s sovereign wealth fund, and China-based IDG Capital, while Zhang was previously CEO of Daqo New Energy. Daqo New Energy’s subsidiary is on the US Uighur Forced Labor Protection Act Entity List. The US Treasury has opposed the project over Chinese links and overcapacity concerns, noting Chinese producers were planning to shut one-third of global capacity. The US has also granted Hemlock Semiconductor $325 million to expand domestic semiconductor-grade polysilicon production.