National Finance Supports Oman’s First Solar Panel Manufacturing Plant

National Finance, one of Oman’s leading financial companies, has provided crucial financial support to Sheida Industries, marking a significant step in the country’s renewable energy development. This support helps Sheida Industries secure the raw materials needed to produce solar panels.

Pioneering Solar Panel Production in Oman

Sheida Industries, Oman’s first solar panel manufacturer, operates a state-of-the-art facility in the Sohar Industrial Area, covering 11,250 square meters. The 100% Omani-owned company plays a key role in reducing the country’s reliance on fossil fuels and advancing sustainable energy.

Strategic Partnership for Sustainable Development

Tariq Sulaiman Al Farsi, CEO of National Finance, stated:

“At National Finance, we are proud to support sustainability initiatives that positively impact the nation. Our partnership with Sheida Industries aligns with Oman’s vision for a cleaner and more sustainable future.”

This financial backing provides the necessary working capital to sustain the production of high-quality solar panels, positioning Sheida Industries to meet the growing demand for solar energy and contribute to Oman’s Net Zero 2050 goals.

Oman’s Renewable Energy Vision

Oman’s government has set a target to generate 30% of the country’s electricity from renewable sources by 2030, in line with its Net Zero objectives. Major solar projects include:

• Manah I & II Solar IPPs (in the Al Dakhiliyah Governorate, each with a capacity of 500 MW)
• Ibri III Solar IPP (in the Dhahirah Governorate, with a capacity of 500 MW)

Sheida Industries will play a critical role in supplying solar panels for these projects, helping Oman achieve its national renewable energy goals.