China’s Almaden says it will build a solar glass plant in the United Arab Emirates with an annual capacity of 500,000 tons, in line with its plans to globally expand as domestic profits fall.
Almaden, a major Chinese solar glass manufacturer based in Changzhou, Jiangsu province, has unveiled plans to build a solar glass production facility in the United Arab Emirates, as part of a broader strategic shift toward overseas markets.
The move, approved by Almaden’s board on April 25, marked a significant step in the company’s international expansion as it seeks to counter mounting headwinds at home, including overcapacity, falling prices, and intensifying competition in China’s solar glass sector. The company’s 2024 financial report showed a 20% drop in annual revenue to CNY 2.89 billion ($397.4 million) and a net loss of CNY 127 million, a 252% year-on-year plunge. Gross margins fell to just 4.5%.
The new project will be carried out through Almaden’s wholly owned subsidiary in Middle East and North Africa (MENA) region and will include a 1,600-ton-per-day melting furnace and deep-processing lines. Construction is expected to be completed within 18 months.
Almaden cited the UAE’s strategic geographic location, favorable logistics, free trade zones, and access to affordable energy as key advantages for the expansion.
“The UAE sits at the heart of the Middle East, offering connectivity to Europe, South Asia, and Africa,” the company said in its announcement.
The facility is expected to shorten delivery cycles, cut shipping costs, and improve global market responsiveness.
The new capacity will include mainstream products such as 1.6mm ultra-thin photovoltaic glass. Analysts said the project closely aligns with the UAE expansion of Trina Solar, another Changzhou-based solar company with which Almaden has a longstanding strategic partnership. In June 2022, the two companies signed a supply agreement for 337.5 million square meters of 1.6 mm solar glass by the end of 2025, valued at CNY 7.425 billion.
Trina Solar, which has already announced a $5 billion investment in a solar manufacturing base in the same UAE industrial zone, aims to establish a production chain spanning high-purity polysilicon, wafers, cells and modules.
Despite the investment’s strategic upside, the project’s CNY 1.753 billion cost adds financial pressure to Almaden’s balance sheet. The company’s debt-to-asset ratio rose to 43.6% at the end of 2024, up nearly six points from the previous year, while finance costs nearly doubled, surging 99.2% year over year.
The project reflects a broader trend among Chinese solar manufacturers accelerating their overseas push. Industry leaders including GCL Technology, JinkoSolar and TCL Zhonghuan have all launched ventures in the Middle East. The UAE, positioning itself as a regional clean energy hub, has pledged AED 200 billion ($54.4 billion) in decarbonization investments over the next six years, providing fertile ground for Chinese solar firms seeking to diversify and scale abroad.