By:Renwablesnow

Chinese solar glass manufacturer Changzhou Almaden (SHE:002623) intends to set up a 500,000-tonne production facility in the UAE, with an investment estimated at around USD 240.2 million (EUR 211.3m).

The company, the world’s largest producer of anti-reflective coated (ARC) glass and tempered glass, will implement the project through a new UAE-based subsidiary called Almaden Glass Industries Ltd. According to a bourse filing, the plan has already received the green light from its board of directors, while shareholder approval is still pending.

The proposed solar glass factory will be located at Khalifa Industrial Zone Abu Dhabi (KIZAD). It will have a daily melting capacity of 1,600 tonnes and will be supported by deep-processing production lines. The construction of the plant is expected to take around 18 months. Once in operation, it will serve the Middle East, Europe and South Asia markets.

The project will be executed to support the Chinese manufacturer’s global growth strategy in view of the high competition and declining prices at home.

Set up in 2006, Changzhou Almaden ended 2024 with a net loss of CNY 126.8 million, against a profit of CNY 83.5 million a year back, as revenues fell to CNY 2.89 billion from CNY 3.63 billion.