Shenzhen-listed Chinese solar cell manufacturer Hainan Drinda New Energy Technology said it has signed an agreement with the Oman Investment Authority (OIA) to build a 10 GW cell manufacturing facility in Oman. The total investment for the project is approximately CNY 5.078 billion ($699.4 million).
Drinda’s wholly-owned subsidiary, JTPV – a major independent cell supplier listed on the Shenzhen Stock Exchange – will build the factory. This is Drinda and JTPV’s first publicly announced overseas investment project.
Drinda, established in 2003, initially focused on automotive interior parts production before venturing into the solar industry in 2020. In 2021, Drinda acquired a 51% stake in JTPV, a veteran solar cell manufacturer, shifting its business to the PV sector and divesting its automotive interior business. In 2022, Drinda completed the acquisition of the remaining 49% of JTPV, achieving full ownership.
By the end of 2023, Drinda and JTPV had a production capacity of 9.5 GW for p-type PERC cells and 40 GW for n-type TOPCon cells, with an average conversion efficiency exceeding 26%. Drinda’s 2023 financial report disclosed that over 99% of its revenue came from solar cell sales, with a net profit of CNY 820 million.
Drinda is one of several Chinese PV enterprises that are investing in the Middle East. In June, GCL announced a potential collaboration with Mubadala to establish its first overseas silicon materials factory in the United Arab Emirates. Previously, Trina Solar and Arctech Solar also disclosed plans to invest in production capacity in the Middle East.
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