PVTIME – On 1 November 2024, 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 has leased a large plot of land for its 5GW solar cell factory in Oman.
The land is located in Sohar Free Trade Zone, Lot 3538, with an area of 182,000 square metres, and the lease is from the date of contract to 22 July 2043. The new facility, with a total investment of US$280 billion (approximately 2.021 billion yuan), will start construction before 31 December 2024, it is expected to be completed within nine months, and operation not later than 31 December 2025, to gradually reach production capacity of 5GW of high-efficiency solar cells per year. 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.
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