Mr. Longgen (Sam) Zhang (a US citizen) is the founder of USP and the key Sponsor for the Project. Mr. Zhang is a seasoned industry veteran, having 20+ years of senior management experience in US listed entities in the solar PV value chain. Other shareholders include IDG Capital (a leading private equity firm with global operations), and USP Management. Future Fund of Oman (sovereign wealth fund platform managed by Oman Investment Authority) has also invested in USP in form of convertible debt. IFC’s planned equity investment will come alongside additional equity USP is raising.

Total Project cost is c.US$1.6 billion to US$1.8 billion. The proposed IFC financing to the Project comprises of: (i) an A-Loan of up to US$200 million; (ii) mobilization of up to US$400 million through B-Loans and/or parallel loans; and (iii) Preferred Equity to United Solar Holdings (parent company of USP) of up to US$50 million.

The USP facility is located in Sohar Free Zone, Oman.

   This is a Category A project according to IFC's Environment and Social Sustainability Policy, as the project activities have significant adverse E&S risks and/or impacts that are diverse, irreversible, or unprecedented. 

Key E&S issues and risks associated with the Project include (i) Client’s capacity to identify, assess and manage E&S risks in construction and operation through a robust ESMS; (ii) supply chain management systems; (iii) contractors’ management; (iv) working conditions for direct/indirect workers and contractors, including Occupational, Health and Safety (OHS), freedom of association, forced labor, migrant workers, gender-based violence and harassment; (v) hazardous materials transportation, handling and storage, hazardous waste management and disposal; (vi) water availability and resource efficiency; (vii) air emissions, noise, wastewater management; (viii) process safety, emergency preparedness and response; (ix) traffic safety, use of security forces; and (x) stakeholder engagement and community grievance mechanisms.