FFO makes its first investments in clean energy projects: Oman Investment Authority (OIA) investment vehicle the Future Fund Oman (FFO) has made its first batch of RO 832 mn (c. USD 2.15 bn) investments across various sectors including renewable energy and EVs, Oman News Agency reported last week.

What we know: Australia’s renewable energy developer United Solar Group has secured an additional funding of USD 156 mn from the FFO to support the construction of its USD 1.6 bn polysilicon plant at Oman’s Sohar Freezone, Oman Observer reported on Thursday. The facility will produce 100k tons of polysilicon annually — a key material in solar panel manufacturing — when it launches operations next year. United Solar Group broke ground on the facility back in March.

And there’s more: The FFO is also establishing a joint fund with the Chinese IDG Capital Fund, which will partner with promising Chinese companies, according to ONA. Details on the joint fund are scant, but the collaboration aims to enhance investments in sectors including EV and renewables.

Future Fund Oman has a lot of funds to invest: OIA launched the FFO back in January with a capital of RO 2 bn (c. USD 5.2 bn) designated for investments in eight sectors, including green energy and mining over the next 5 years.

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