China’s Drinda is set to launch its first overseas solar PV facility in Oman. The company, through its subsidiary JTPV, will invest $700 million to build a 10 GW factory dedicated to TOPCon solar cell production. This project will be constructed in two phases, each with a capacity of 5 GW.

The investment agreement was signed with the Oman Investment Authority (OIA), a government body under the Ministry of Commerce, Industry, and Investment Promotion.

Oman, located on the southeastern coast of the Arabian Peninsula, aims to diversify its economy beyond oil and gas.

This project is expected to significantly boost Oman’s PV industry and support its Vision 2040 strategy, Drinda stated. Vision 2040 aims for 20% renewable energy by 2030 and 39% by 2040.

Drinda has successfully transitioned from automotive interior components to the solar energy sector. After acquiring a 51% stake in JTPV in 2021, Drinda divested its automotive business to focus on solar technology. By 2022, Drinda had acquired full ownership of JTPV. In 2023, JTPV was ranked fourth among global solar cell manufacturers.

The company plans to achieve an annual production capacity of 14 GW outside of China.