Hainan Drinda New Energy Technology (Drinda), a leading Chinese solar cell manufacturer, has signed a deal with the Oman Investment Authority (OIA) to construct a massive 10 gigawatt (GW) cell manufacturing facility in Oman. The project represents an investment of approximately CNY 5.078 billion (USD $699.4 million).
Drinda’s wholly-owned subsidiary, JTPV, a prominent independent cell supplier listed on the Shenzhen Stock Exchange, will spearhead the factory’s construction. This marks Drinda and JTPV’s first officially announced overseas investment project.
Drinda, established in 2003, initially focused on car interior parts before venturing into the solar energy sector in 2020. The company acquired a majority stake in JTPV in 2021, a well-established solar cell manufacturer, to solidify its foothold in the photovoltaic (PV) industry. Drinda subsequently divested its automotive interior business to focus on solar energy solutions. By the end of 2023, Drinda and JTPV boasted a combined production capacity of 9.5 GW for p-type PERC cells and a remarkable 40 GW for the more advanced n-type TOPCon cells, achieving an average conversion efficiency exceeding 26%. Drinda’s 2023 financial report revealed that solar cell sales accounted for over 99% of its revenue, resulting in a net profit of CNY 820 million.
Drinda joins a growing list of Chinese PV companies investing in the Middle East. In June, GCL announced a potential partnership with Mubadala to establish its first overseas silicon materials factory in the United Arab Emirates. This trend follows similar announcements from Trina Solar and Arctech Solar, who have also disclosed plans to invest in production capacity within the Middle East region.
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