Chinese photo voltaic cell maker Hainan Drinda New Energy Technology plans to construct a ten GW manufacturing unit in Oman to provide tunnel oxide passivated contact (TOPCon) photo voltaic cells.
Shenzhen-listed Chinese photo voltaic cell producer Hainan Drinda New Energy Technology stated it has signed an settlement with the Oman Investment Authority (OIA) to construct a ten GW cell manufacturing facility in Oman. The whole funding for the venture is roughly CNY 5.078 billion ($699.4 million).
Drinda’s wholly-owned subsidiary, JTPV – a significant unbiased cell provider listed on the Shenzhen Stock Exchange – will construct the manufacturing unit. This is Drinda and JTPV’s first publicly introduced funding venture overseas.
Drinda, based in 2003, initially centered on manufacturing automotive inside elements earlier than getting into the photo voltaic business in 2020. In 2021, Drinda acquired a 51% stake in JTPV, a veteran photo voltaic cell producer, moved the enterprise to the PV sector and bought its automotive inside enterprise. In 2022, Drinda accomplished the acquisition of the remaining 49% of JTPV, attaining full possession.
By the tip of 2023, Drinda and JTPV may have a manufacturing capability of 9.5 GW for p-type PERC cells and 40 GW for n-type TOPCon cells, with a mean conversion effectivity of greater than 26% Drinda’s 2023 monetary report revealed that greater than 99% of its income got here from photo voltaic cell gross sales, with a internet earnings of CNY 820 million.
Drinda is actively increasing into the worldwide market. Among the 5 growth targets for 2024, two deal with increasing overseas. Drinda stated its objective is to strengthen buyer development in new markets akin to Europe, America, the Middle East, and Southeast Asia, develop its world gross sales community, and enhance gross sales overseas. to greater than 10% of its whole income by 2024.
Drinda is one in every of a number of Chinese PV enterprises investing within the Middle East. In June, GCL introduced a possible collaboration with Mubadala to construct its first abroad silicon supplies manufacturing unit within the United Arab Emirates. Previously, Trina Solar and Arctech Solar additionally disclosed plans to spend money on manufacturing capability within the Middle East.
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