Hoymiles Plans to Establish Solar Inverter Factory in Oman
Chinese manufacturer joins Omani sovereign fund to boost regional renewable energy infrastructure.
1Strategic Four-Party Agreement
Chinese solar inverter manufacturer Hoymiles signed a strategic cooperation agreement with PCG Global, the Oman Investment Authority, and Greenwill Asset Management. Formalized on November 2 in Beijing, the deal coincides with Sultan Haitham bin Tarik’s state visit to China. This partnership aims to foster renewable energy investment and local manufacturing capabilities within Oman.
2Manufacturing and Investment Scope
The proposed partnership involves a preliminary term sheet valued at 38.45 million Omani Rials, approximately 100 million dollars. This capital supports the development of a solar inverter manufacturing facility designed to serve the Middle East and North Africa markets. The Oman Investment Authority will act as an anchor investor for these regional projects.
3New Energy Ecosystem Fund
Partners plan to establish the Oman New Energy Ecosystem Cooperation Fund to target distributed solar and energy storage projects. The fund will prioritize integrated power supply solutions specifically tailored for artificial intelligence data centers. It also focuses on broader investments in renewable energy-related industries to support local project development and operational efficiency.
4Role of PCG Global
Singapore-based PCG Global will manage project development, construction, and operations for the initiative. Drawing on expertise from Chinese developer PCG Power, the firm will focus on commercial and industrial solar projects. Their portfolio includes off-grid power systems and specialized energy solutions, building on pre-Series A funding secured in July 2026.
5Financial Oversight Mechanisms
Hong Kong-based Greenwill Asset Management is designated to oversee the fund management and investment activities. While the 100 million dollar figure is linked to the partnership, the Oman Investment Authority has not clarified if this represents the total fund capitalization or a broader commitment. The fund remains central to the project's financial structure.
6Oman's Renewable Energy Targets
This agreement aligns with Oman's national strategy to diversify its economy and significantly expand renewable power generation. The nation aims to generate approximately 30 percent of its electricity from renewable sources by 2030. This initiative serves as a critical step toward meeting these ambitious domestic energy goals through international industrial collaboration.
7China-Oman Bilateral Cooperation
The agreement follows a joint statement issued on November 2, emphasizing closer cooperation between China and Oman. Both nations committed to strengthening ties in solar and wind power, electricity transmission, and energy storage technologies. This diplomatic framework provides the necessary political support for Hoymiles and its partners to scale their regional operations.
8Regional Market Implications
By establishing a manufacturing hub in Oman, Hoymiles positions itself to capture growing demand across the Middle East and North Africa. The integration of AI-focused energy solutions reflects a shift toward high-tech infrastructure support. This move highlights the increasing importance of Chinese technology in the Gulf region's transition toward sustainable energy systems.
Original article: pv magazine — Hoymiles Plans to Establish Solar Inverter Factory in Oman