US$94 million will be enough to pay for the first phase of a gigawatt-scale photovoltaic manufacturing plant that China’s Ningxia Zhongke Jiaye New Energy and Technology Management Co. and the Oman Investment Fund are planning to build in the Middle East Sultanate, Renewables Now reports.
The 400 MW of capacity will be built in Oman’s Duqm free zone, a government official told the Times of Oman. “Under the terms of a newly-signed memorandum of understanding, Ningxia Zhongke will get a 51% stake in the venture, while its Omani partner will have 49%,” writes correspondent Ivan Shumkov, citing Ningxia Zhongke President Li Li.
The Chinese firm has “already carried out an initial feasibility study for the project and will now focus on a detailed market study,” Renewables Now notes. If the initial venture succeeds, “the firm has plans to cover the entire solar industry value chain in the future.”