The development of a 500MWac solar PV power plant is set to increase power supply in the Sultanate of Oman, Middle East.
This follows after a consortium composed of ACWA Power, Gulf Investment Corporation (GIC), and Alternative Energy Projects (AEPC) having recently executed the project agreements for the development of Ibri-2 Independent Power Producer (IPP) with the Oman Power and Water Procurement Company (OPWP).
The project, to be developed located around 300km west of Muscat will be developed on a BOO (build, own, operate) basis.
Meshary Al-Judaimi, division head of financial services & utilities of GIC said: “GIC is a successful co-developer of utilities projects in the GCC and with this project we are proud to develop alternative and clean utility-scale solar energy project in the GCC.”
Al-Judaimi added: “Wining Ibri-II project reinforces GIC role in supporting private sector participation in the development of the GCC economies.”
OPWP awarded the project to the winning consortium following an international competitive tendering process that included 12 qualified bidders.
The winning consortium submitted the best economic tariff for the electricity that will be sold to OPWP.
ACWA Power is the lead investor in the project with a 50% stake, whereas GIC will have a 40% stake and AEPC will control the remaining 10%.
The project will be the first utility scale solar power project in Oman and will utilise solar PV technology to yield 500MWac of power.
The innovative design of the plant will ensure the highest efficiency, reliability and availability standards for any comparable plant in the world.
At peak generation capacity, the plant output will be enough to supply an estimated 33,000 homes with electricity and will offset 340,000 tonnes of carbon dioxide emissions a year.
ACWA Power’s president & CEO, Paddy Padmanathan, commented: “We applaud the government of Oman for their ambitions related to renewable energy and diversifying the country’s power mix as evidenced by the scope of this project and its future potential in supporting the Sultanates economy.
“It is an honor to have been trusted with the delivery and operation of the Ibri II Solar PV IPP based on our reputation for winning world-record power projects with the best tariffs as well as our expanding renewable portfolio and we look forward to collaborating with our partners and Omani stakeholders to successfully complete this project.”
Dr. Hassan Qassem from APECo added:“This project demonstrates the ability of GCC companies to compete with their international counterparts to provide competitive solution in renewable and sustainable energy. This project also demonstrated the Sultanate of Oman’s long term vision in sourcing renewable energy and encouraging investment in the sector.”