Abu Dhabi Future Energy Company PJSC – Masdar, and consortium partners Al Khadra Partners, Korea Midland Power Co. Ltd (KOMIPO), and OQ Alternative Energy (OQAE), have reached financial close for the Ibri III Solar Independent Power Project, the first utility-scale solar and battery storage project in the Sultanate of Oman.
Financing facilities have been secured with leading global financial institutions Natixis Corporate & Investment Banking (Natixis CIB) and First Abu Dhabi Bank (FAB), which will cover a substantial part of the total project costs of around US$300 million.
Ibri III, which is being developed for Nama Power and Water Procurement (Nama), will contribute to the Oman Vision 2040 goal of diversifying energy resources, including the target of generating 30 percent of electricity from renewables by 2030.
Combining a 500-megawatt (MW) photovoltaic (PV) plant with a 100-megawatt-hour (MWh) battery energy storage system (BESS), it will produce enough electricity to power around 33,000 homes, while avoiding approximately 505,000 tonnes of carbon dioxide annually.
China Power Engineering awarded EPC Contract for the project. (read more)
Earlier, Nama Power and Water Procurement (PWP), Oman announces that it has signed an agreement for the development of the Sultanate of Oman’s first utility-scale solar and battery storage project with the consortium of Abu Dhabi Future Energy Company PJSC – Masdar, Al Khadra Partners, Korea Midland Power Co. Ltd (KOMIPO), and OQ Alternative Energy (OQAE).(read more)
