Hoymiles plans to establish inverter factory in Oman

Chinese solar inverter manufacturer Hoymiles has signed a four-party strategic cooperation agreement with PCG Global, the Oman Investment Authority (OIA), and Greenwill Asset Management to explore renewable energy investment, project development, and local manufacturing in Oman.

The agreement was signed in Beijing on Nov. 2, during Omani Sultan Haitham bin Tarik’s state visit to China. The signing ceremony was attended by the sultan and Mu Hong, vice chairman of the National Committee of the Chinese People’s Political Consultative Conference.

The partners plan to establish the Oman New Energy Ecosystem Cooperation Fund, targeting distributed solar and energy storage projects, integrated power supply solutions for artificial intelligence (AI) data centers, and investments in renewable energy-related industries.

Hoymiles said the fund will primarily invest in renewable power generation assets in Oman, supporting local project development and operations.

In a separate announcement, OIA said it had signed a preliminary term sheet with Hoymiles and PCG Global for a proposed partnership valued at OMR 38.45 million ($100 million). The agreement covers solar project development and a solar inverter manufacturing facility serving markets across the Middle East and North Africa.

OIA, Oman’s sovereign wealth fund, is expected to act as an anchor investor in the proposed fund and coordinate with local authorities and project partners. It did not clarify whether the $100 million represents the proposed fund’s capitalization or a broader investment commitment.

Singapore-based PCG Global will focus on project development, construction, and operations, drawing on the experience of Chinese distributed energy developer PCG Power. Its planned activities include commercial and industrial solar projects, off-grid power systems, and integrated energy solutions for AI data centers.

Hong Kong-based Greenwill Asset Management will oversee fund management and investment activities.

PCG Global was established by the team behind PCG Power. In July 2026, it secured pre-Series A funding led by GenZero, an investment platform owned by Singapore’s Temasek, to support its international renewable energy expansion.

The agreement comes as Oman seeks to diversify its economy and expand renewable power generation. The country aims to generate approximately 30% of its electricity from renewable sources by 2030.

A China-Oman joint statement issued on Nov. 2 also called for closer cooperation in solar and wind power, electricity transmission and conversion, energy storage, and AI.