National Finance, Oman’s leading finance company, has extended crucial backing to Sheida Industries, playing a pivotal role in supporting the country’s first solar panel manufacturing initiative.
The funding facilitates Sheida Industries in procuring raw materials essential for the production of solar panels.
As the nation’s pioneering solar panel manufacturer, Sheida Industries — a 100% Omani-owned enterprise —operates a cutting-edge manufacturing facility in the Sohar Industrial Area, spanning 11,250 sq m.
Renewable energy adoption
Through its focused efforts to drive the country’s transition to sustainable energy and reduce dependency on fossil fuels, Sheida Industries is strategically positioned as a key contributor to the renewable energy sector. With the backing of National Finance in the form of essential working capital, the company is well-poised to advance the nation’s shift toward renewable energy adoption.
Tariq Sulaiman Al Farsi, Chief Executive Officer of National Finance, stated: “At National Finance, we are deeply committed to actively participating in sustainability initiatives, and firmly believe in the transformative power we hold to positively impact Oman’s sustainability journey.
“We take great pride in partnering with Sheida Industries as they lead the way in the nation’s renewable energy transition. Through our support, we aim to empower them to sustain the production of high-quality solar panels, in alignment with the government's vision for a cleaner, more sustainable energy future.”
Equipped with a sound strategy to accomplish Net Zero 2050, Oman’s government has set an ambitious target of generating 30% of the country’s electricity from renewable sources by 2030, supported by large-scale solar initiatives such as the Manah I & II Solar IPPs (500 MW each) and the Ibri III Solar IPP (500 MW), among others. With the backing of National Finance, Sheida Industries is well-positioned to meet the increasing demand for solar panels, a demand that is expected to grow substantially as these national projects advance.--TradeArabia News Service
