Chinese solar cell maker 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 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 actively expanding into international markets. Among its five development objectives for 2024, two focus on overseas expansion. Drinda said it aims to strengthen customer development in emerging markets like Europe, the Americas, the Middle East, and Southeast Asia, enhance its global sales network, and increase overseas sales to over 10% of its total revenue in 2024.
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.
