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Ewpartners enters the MENA green sector: Riyadh-based international investment platform Ewpartners has invested USD tens of mns in a USD 1.6 bn polysilicon plant being built in Oman’s Sohar Port Free Zone by Australian renewable energy developer United Solar Group, according to a statement released last week. This marks the investment platform’s first investment in the energy transition sector, as polysilicon is a key material in solar panel manufacturing.
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The money is coming from the company’s tech fund: This investment marks Ewpartners’ second from its Technology Innovation Fund II. An initial investment of USD 50 mn went towards Lenovo’s supply chain business in November.
About the plant: United Solar began constructing the polysilicon plant in March — estimated to be a USD 1.3 bn investment ticket at the time — back in March. It is expected to have a production capacity of 100k tons per year, earmarked for export. Operations are expected to begin in 2025.
The FFO also made a contribution: Oman Investment Authority (OIA) investment vehicle, the Future Fund Oman (FFO), provided funding of USD 156 mn for the project in October. The investment came as part of a first batch of investments — worth USD 2.15 bn — across various sectors, including renewable energy and EVs. The OIA had also committed USD 150 mn to Ewpartners in October to support the Technology Innovation Fund II.
China is supplying the materials: Solar material manufacturer Shuangliang Eco-Energy, a subsidiary of China’s Shuangliang Group, will be supplying polycrystalline silicon reduction furnaces, hydrogen production equipment, and refrigeration units for the facility. The equipment is valued at USD 58.32 mn.
