China’s Drinda is set to launch its first overseas solar PV facility in Oman. Through its subsidiary JTPV, Drinda will invest $700 million to build a 10 GW factory dedicated to TOPCon solar cell production. The project, to be constructed in two phases of 5 GW each, is part of an investment agreement with the Oman Investment Authority (OIA).
Oman, located on the southeastern coast of the Arabian Peninsula, is aiming 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, which aims for 20 percent renewable energy by 2030 and 39 percent by 2040.
Drinda has successfully transitioned from automotive interior components to the solar energy sector. After acquiring a 51 percent stake in JTPV in 2021 and completing the acquisition by 2022, Drinda divested its automotive business to focus on solar technology. 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. Drinda’s 2023 financial report disclosed that over 99 percent of its revenue came from solar cell sales, with a net profit of CNY 820 million. Drinda aims to enhance its global sales network and increase overseas sales to over 10 percent of its total revenue in 2024.
Drinda is one of several Chinese PV enterprises investing in West Asia. In June, GCL announced a potential collaboration with Mubadala in the UAE, while Trina Solar and Arctech Solar also disclosed plans for the region. This marks a significant step for Drinda and JTPV, highlighting their commitment to international expansion and the growing importance of West Asia in the global PV market.
