Chinese PV glass manufacturer company Almaden has announced plans to establish a wholly-owned subsidiary in the United Arab Emirates, via its existing subsidiary Almaden (MENA).
The new subsidiary, Almaden Glass Industry Co., Ltd., will operate a PV glass production line with an annual output of 500,000 tons, compressing glass furnaces and supporting deep-processing production lines, with a total planned investment of US$240 million.
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The announcement noted that with considerable competition in domestic PV glass manufacturing and product prices dropping, an increasing number of PV flass manufacturers are investing into overseas production.
Almaden stated that this overseas capacity investment is in line with the company’s global development strategy. The project will cater to markets in the Middle East, Europe, the Americas and South Asia, thereby streamlining Almaden’s overseas PV glass production capacity and promoting its international business growth.
On the same day, Almaden released its 2024 annual report. For the reporting period, the company generated operating revenue of RMB2.893 billion (US$400 million), representing a year-on-year decrease of 20.27%, and suffered a net loss of RMB127 million, marking a year-on-year decline of 251.81%.
Regarding product performance, the company’s PV glass sales increased by 3.68%. However, the PV industry encountered multiple challenges, as prices across all product segments plummeted, forcing the entire sector into a period of profound adjustment.
In the face of these harsh conditions, Almaden stated that it had adjusted its business strategy to focus on its core PV glass and electronic glass operations. Simultaneously, the company will actively pursue overseas market expansion as part of its strategic plan.
PV Tech has previously reported on PV projects in the Middle East. Besides Almaden, numerous Chinese PV companies, including GCL Tech, JinkoSolar, TCL Zhonghuan, JA Solar and Arctech Solar, have already invested in and established factories in the Middle East. These investments cover segments of the PV industry chain, such as silicon materials, wafers, cells, modules, and mounting structures, effectively forming a closed-loop system.
