MUSCAT: In a further boost for the growth of a polysilicon industry in Oman – a key building block in the production of solar cells and microchips – independent investment firm ewpartners has announced a multimillion dollar investment in a major polysilicon project currently under construction at Sohar Freezone.
United Solar Polysilicon (FZC) SPC, an international green energy enterprise specializing in the solar industry chain, is making rapid headway in the development of the 100,000 tonnes per annum capacity plant at a cost of around $1.6 billion. Omani sovereign wealth fund Oman Investment Authority (OIA) is supporting the project via its Future Fund Oman (FFO) investment vehicle with a contribution of $156 million announced last month.
Riyadh-headquartered ewpartners, formerly known as eWTP Arabia Capital, is a well-established private equity firm in the Gulf region that has capitalized on alliances with regional wealth funds, including the Public Investment Fund of Saudi Arabia, to help advance their respective national economic visions.
The investment platform said in a statement that the investment in United Solar Polysilicon is in line with its focus on the broader energy transition sector and related supply chains.
Cliff Chau, Managing Partner at ewpartners, commented: “The market potential for green energy in the Middle East is significant. As the region looks to diversify its economies away from oil and gas dependency, major initiatives like the Red Sea Project, the UAE Energy Strategy 2050, and Oman’s Ibri II Solar Project target cities and projects run entirely on renewable energy. Solar power promises substantial growth opportunities for investors given these ambitions and the region’s abundance of sunlight. Technological advancements such as energy storage solutions and grid modernisation accelerate this shift further.”
The move also reinforces burgeoning relations between ewpartners and Oman Investment Authority. In October, the Omani sovereign wealth fund announced a commitment of $150 million towards ewpartners, joining a number of wealth funds and international investors in backing the Saudi firm’s Technology Innovation Fund II, a $1 billion private equity fund with a focus on expansion stage technology and technology-enabled investments in the GCC.
Also as part of the partnership, the two parties agreed to establish a local fund with the OIA’s Future Fund Oman, through which ewpartners will support Oman’s National Vision 2040 by leveraging products, technologies and capabilities of industry champions from matured markets, especially China, to build successful companies.
ewpartners will invest across sectors of relevance for Oman’s economy, with a focus on Advanced Manufacturing, ICT, Renewable Energy, Logistics, Tourism and Agriculture, as part of the country’s ambitious economic mandate.
Meanwhile, construction work at the site of United Solar’s project at Sohar Freezone is moving ahead at a rapid clip. Large pieces of project cargo continue to arrive at regular intervals, mainly from equipment manufacturers in China. The latest arrival is the Han Hang Dajian, a special Deck Cargo Ship that brought several hundred tonnes of project equipment last week.
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