Chinese solar cell manufacturer Hainan Drinda New Energy Technology plans to build a 10 GW factory in Oman to produce tunnel oxide passivated contact (TOPCon) solar cells.
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 CNY5.078 billion ($699.4 million).
Drinda’s wholly owned subsidiary, JTPV – a major independent mobile supplier listed on the Shenzhen Stock Exchange – will build the factory. This is Drinda and JTPV’s first publicly announced foreign investment project.
Founded in 2003, Drinda initially focused on manufacturing automotive interior parts before venturing into the solar industry in 2020. In 2021, Drinda acquired a 51% stake in JTPV, an experienced solar cell manufacturer, and shifted its operations to the PV sector and sold its business. car interior company. In 2022, Drinda completed the acquisition of the remaining 49% of JTPV, acquiring full ownership.
At 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 of more than 26%. Drinda’s 2023 financial report showed that more than 99% of revenue came from solar cell sales, with a net profit of CNY820 million.
Drinda is actively expanding into international markets. Of the five development goals for 2024, two focus on overseas expansion. Drinda said it aims to strengthen customer development in emerging markets such as Europe, America, the Middle East and Southeast Asia, strengthen its global sales network and increase overseas sales to more than 10% of total sales by 2024.
Drinda is one of many Chinese PV companies investing in the Middle East. In June, GCL announced a possible partnership with Mubadala to establish its first overseas silicon materials factory in the United Arab Emirates. Previously, Trina Solar and Arctech Solar also announced plans to invest in production capacity in the Middle East.
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