Hainan Drinda New Energy Technology Co.,Ltd.(Drinda,002865.SZ),a China-based company primarily engaged in the research,development,production and sale of photovoltaic cells,announced that it will invest US$280 billion(approximately 2.021 billion yuan)in a solar cell factory in Oman with a production capacity of 5GW.

This particular project will be completed in the Sohar Free Zone in 2025 after a nine-month construction period.Jietai New Energy(Oman)will be responsible for construction and operation.

In June 2024,Drinda announced that it had signed a Memorandum of Understanding with the Oman Investment Authority to establish a large-scale solar cell manufacturing base in Oman.The two sides agreed to jointly establish a high-efficiency TOPCon solar cell manufacturing base with an annual production capacity of 10GW and an estimated investment of$700 million.It will be implemented in two phases of 5GW each,with details to be finalised.

Oman has launched Vision 2040,a renewable energy development plan that has created opportunities for PV companies.Oman has great geographical advantages,being close to Middle Eastern,Asian and European markets,and has signed long-term free trade agreements with major Western countries.

（Picture: Veer）