Recently, at a signing ceremony in Beijing, representatives from Hoymiles, PCG Global, Greenway Asset Management, and Oman Investment Authority signed a strategic cooperation framework and terms of intent, which came into effect. The amount involved in the document is about 100 million US dollars, equivalent to 38.45 million Omani riyals. However, the signing itself does not mean that the factory has started construction. Subsequent steps such as site selection, approval, and joint venture structure need to be determined one by one. For Hoymiles, this collaboration means extending its role in the Middle East from product supply to local manufacturing.

Four parties sign their intention

The division of labor among the four parties is clearly stated in the agreement: the Oman Investment Authority provides cornerstone investment and government enterprise coordination, Hoymiles is responsible for technology, products, and manufacturing solutions, PCG Global undertakes the development and operation of power station and AI data center projects, and Greenway Asset Management serves as the fund manager. The cooperation will be promoted in two layers. The first layer is the Oman New Energy Ecological Cooperation Fund, which will invest in integrated power supply solutions for distributed photovoltaics, energy storage, and AI data centers; The other layer is the inverter manufacturing base, with technical support provided by Hoymiles, and the Oman Investment Authority has secured a cooperation framework of approximately $100 million on intent terms. The procurement links of the two business lines are independent and their budgets do not intersect with each other.

Oman builds inverter factory

Oman plans to increase the proportion of renewable energy supply to 30% by 2030, but there were no dedicated photovoltaic inverter manufacturing factories in the area before, and the supply of inverters in the Middle East and North Africa region has long relied on imports. The Oman Investment Authority directly participates in the inverter manufacturing project as a sovereign fund, indicating that Oman is not satisfied with being the owner of only photovoltaic power plants, but hopes to incorporate the core power electronic equipment of inverters into the local manufacturing system. Hoymiles has a global sales network and a background in listing on the Science and Technology Innovation Board in the field of micro inverters, and its technical solutions and manufacturing experience have become the support for project implementation. The base is positioned for export to the Middle East and North Africa region, and the production capacity and site selection are yet to be announced.

Upgrade the role of Chinese enterprises again

From selling products to building production capacity, Hoymiles' cooperation has pushed forward the participation of Chinese inverter companies in the Middle East. But there are still multiple links between the letter of intent and the procurement of the production line and the release of the local supply chain, including Oman's industrial license, land approval, and Hoymiles' internal investment decision. For supporting enterprises, what is worth tracking is not the signing news itself, but the production capacity scale and site selection announcement of Hoymile's Oman manufacturing base, as well as the specific terms of localized procurement by the Oman Investment Bureau. Before the trigger signal appears, resource investment should be maintained at the level of information tracking and qualification reserve. Approximately $100 million is the total amount of intended framework cooperation, which is not solely equal to the investment in the manufacturing base, nor does it constitute the equipment procurement budget.Editor/Gao Xue