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Oman Backs 6 GW Solar Cell & Module Manufacturing Project
Abstract
Key Takeaways
- Oman’s FFO has announced a $1.74 billion investment package in which it has included a 6 GW integrated solar PV manufacturing facility
- The solar factory is one of the 105 strategic projects the package covers across multiple sectors
- The portfolio also includes battery materials production, healthcare investments, tourism developments and innovation initiatives
- Oman has approved a 6 GW integrated solar cell and module manufacturing project as part of a $1.744 billion investment package announced by Future Fund Oman (FFO).
The package covers 105 strategic projects aimed at expanding the country's renewable energy, manufacturing, healthcare, tourism, and technology sectors. FFO, a portfolio of the Oman Investment Authority (OIA), will invest $585 million in the package, alongside around $458 million in local investment.
The flagship project of this investment package is Orion Solar, which will establish an integrated solar cell and module manufacturing facility in SOHAR Freezone with an annual production capacity of 6 GW.
While FFO doesn’t share details about the Orion Solar project, the initiative is backed by Chinese investors, according to Oman Observer. Estimated to cost OMR 220 million, the facility will produce 6 GW of solar cells and 3 GW of panels annually.
Previously, Chinese solar cell manufacturer Hainan Drinda New Energy Technology announced plans to build a 5 GW cell facility in Sohar Free Trade Zone (see Chinese Company Announces New 5 GW Solar Cell Production Fab In Oman).
According to FFO, the Orion Solar project will be the first integrated solar manufacturing facility of its kind in the Middle East. It is expected to strengthen Oman's domestic solar value chain, it added.
The investment package also includes the Gallant Industrial Project, which will produce 66,000 tons of lithium iron phosphate (LFP) cathode material annually for electric vehicle (EV) batteries and energy storage applications.
The portfolio also includes investments in tourism, innovation, animal nutrition, and AI-based cybersecurity.
Mulham Al Jarf, Deputy President of Investment at the OIA, said, “This portfolio directs capital toward nationally prioritized sectors and strengthens Oman's appeal to global investors.”