Firms partner for $94mn Oman solar panel project
A Chinese firm is joining hands with an Omani investment fund to build a large solar panel project in Duqm, which will have a capacity to manufacture panels for power plants to generate 1,000 megawatt (MW) energy per annum
A Chinese firm is joining hands with an Omani investment fund to build a large solar panel project in Duqm, which will have a capacity to manufacture panels for power plants to generate 1,000 megawatt (MW) energy per annum.
Ningxia Zhongke Jiaye New Energy and Technology Management Co. has signed a memorandum of understanding (MoU) with Oman Investment Fund to build the $94 million-solar panel venture in Duqm free zone.
Ningxia Zhongke will have a 51% stake, while the remaining 49% ownership will be held by Oman Investment Fund, the president of Ningxia Zhongke, Li Li, told Times of Oman.
In the first phase, the proposed company plans to produce solar panels that can generate 400 megawatt (MW) of energy per annum, which will be increased to 1,000 MW in the second phase. Also, the company anticipates $215 million in sales revenue per annum in the first phase.
The Chinese firm, which last month signed a land lease agreement with Oman Wanfang, the company that manages 1,172 hectares of land for developing a major China-Oman industrial zone in Duqm, plans to export its products to overseas markets, where the company has a strong presence.
Presently, most of Ningxia’a products are sold within China, while a portion of the production is exported to Australia, Japan and south Asian countries. Since Oman does not have a large scale solar power plant, there is no ready-made market within the country. “This is what we need to push. We need to push the government to set up solar power stations,” added Li Li.