On August 22, Gstar formalized a strategic partnership by signing a Memorandum of Understanding (MoU) with a prominent Middle Eastern consortium represented by Siraj Group, a leading and diversified investment company based in the UAE. The MoU focuses on a 2GW solar module manufacturing project centered on high-efficiency N-type technology, marking a significant step in Gstar's strategic business expansion in the Middle East. The signing ceremony, attended by Gstar Chairman Mr. Wang Yang, signifies the further development of Gstar's global integrated supply chain ecosystem.

2GW High-Efficiency Module Manufacturing MoU

The MoU establishes a partnership for the development of a 2GW high-efficiency solar module manufacturing project. Gstar will collaborate with the consortium led by Siraj Group, Galaxico and Stark Consulting to advance this initiative, which is set to be signed in mid-August, with construction expected to begin in November. This collaboration exemplifies the complementary strengths and mutual benefits of different economies globally. Through this partnership, Gstar and the Middle Eastern consortium will leverage local markets and resources, rapidly advancing Gstar's strategic presence in the Middle East and ushering in a new chapter of technological innovation, industrial upgrading, and global cooperation.

Strategic Partnership and Powerful Synergy

The Middle Eastern consortium, spearheaded by Siraj Group, boasts extensive experience in project financing and asset management within the solar energy sector. Siraj is a part of the Al Otaiba Group of Companies, a family-owned diversified enterprise with a broad portfolio that includes real estate, infrastructure development, telecommunications, and oil sectors. In the renewable energy domain, Siraj Group has forged strong partnerships with leading companies across the Middle East, driven by its deep experience and notable achievements in power plant financing. Leveraging its extensive resource network and deep understanding of the Middle Eastern market, Siraj Group is expected to play a pivotal role in ensuring the successful advancement of the 2GW high-efficiency solar module manufacturing project, providing comprehensive support and acting as a crucial bridge.

Gstar, a globalleading enterprise in photovoltaic supply chain solutions, will bring its years of industry experience and expertise to this partnership. Leveraging its vertically integrated photovoltaic supply chain network, Gstar will ensure high standards of product quality, meeting diverse market demands.Gstar’s established market brand and extensive marketing network will also provide superior global products and services to solar energy customers. The strategic partnership between these two major groups is expected to be a strong driving force and a guarantee for the successful implementation of the project.

Leveraging Middle Eastern Advantages to Expand Global Markets

The Middle East is endowed with abundant sunlight, with an average solar irradiance of over 2,000kWh per square meter per hour. According to Infolink statistics, the overall Middle Eastern photovoltaic market is expected to grow steadily, with demand potentially reaching 29-35GW by 2027. As the economic engine of the Middle East, the UAE has a promising solar market, with the country committing to achieving net-zero emissions by 2050 and planning to double its renewable energy supply over the next seven years. These trends provide strong support for Gstar's decision to establish a presence in the UAE and deepen its engagement in the Middle East, offering valuable growth opportunities.

Additionally, the UAE's position as a tradecenter between Europe, Asia, and Africa, as well as its role as the logistics center of the Gulf region, will provide Gstar with a strategic platform to expand into European and even North American markets, accelerating the global expansion. The successful signing of this partnership is not only a key element of Gstar's global strategy but also a tangible commitment to the development of clean energy. By advancing this project, Gstar aims to collaborate with global partners to drive the green energy revolution and contribute to the harmonious coexistence of humanity and nature.