PV module lamination
The UAE facility will be developed through Almaden’s wholly owned subsidiary in the Middle East and North Africa region. It will feature a 1,600-ton-per-day melting furnace and deep-processing lines, with construction expected to be completed within 18 months. The UAE’s strategic location, efficient logistics, free trade zones, and access to cost-effective energy were cited as key factors for choosing the site.
Almaden stated: “The UAE sits at the heart of the Middle East, offering connectivity to Europe, South Asia, and Africa.” The new plant is anticipated to reduce delivery times, lower shipping costs, and enhance responsiveness to global market demands.
The facility will produce key products, including 1.6mm ultra-thin photovoltaic glass, aligning with the UAE expansion of Trina Solar, a Changzhou-based solar company and long-term partner of Almaden. In June 2022, Almaden and Trina Solar signed a CNY 7.425 billion agreement for the supply of 337.5 million square meters of 1.6mm solar glass by the end of 2025. Trina Solar is also investing $5 billion in a nearby UAE industrial zone to build a comprehensive solar manufacturing chain, covering polysilicon, wafers, cells, and modules.
Almaden’s 2024 financial report revealed a 20% revenue decline to CNY 2.89 billion ($397.4 million) and a net loss of CNY 127 million, a 252% drop from the previous year, with gross margins at 4.5%. The UAE project, costing CNY 1.753 billion, adds to financial pressures, as the company’s debt-to-asset ratio reached 43.6% by the end of 2024, up nearly six points, and finance costs rose 99.2% year-over-year.
The initiative reflects a growing trend among Chinese solar manufacturers expanding overseas. Companies such as GCL Technology, JinkoSolar, and TCL Zhonghuan have also established ventures in the Middle East. The UAE, aiming to become a regional clean energy hub, has committed AED 200 billion ($54.4 billion) to decarbonization efforts over the next six years, creating opportunities for Chinese solar firms to diversify and grow internationally.
This project strengthens Almaden’s global presence while supporting the UAE’s renewable energy ambitions, leveraging strategic partnerships and regional advantages to meet rising demand for solar products in international markets.
