A consortium led by Saudi Arabia’s Acwa Power has been picked to develop a 500 MW solar power plant in Oman, 300km west of capital city Muscat, that will supply electricity to 33,000 homes – and be Oman's largest utility-scale solar power project.
Kuwait’s Gulf Investment Corporation (GIC) and Alternative Energy Projects Company (AEPC) join the utilities developer in the three-firm consortium tasked with developing the Ibri-2 Independent Power Producer (IPP) project.
Ibri-2 IPP will be located 300km west of Muscat has been designed to meet international reliability and efficiency standards. Awca Power is the lead investor in the renewable energy plant and has a 50% stake. GIC and AEPC respectively hold a 40% and 10% stake
Oman Power and Water Procurement Company (OPWP) received 12 qualified bidders for the plant, which Acwa’s consortium won after offering the best economic tariff for electricity sold to OPWP.
Under the project agreement, the consortium will develop, finance, build, and operate Ibri-2 IPP, which is the largest utility-scale solar power project in Oman, the team said.
Power generated by the plant will be sold back to OPWP, which will feed it into Oman’s energy grid to power tens of thousands of homes, offsetting up to 340,000 tonnes of carbon dioxide emissions annually.
President and chief executive officer of Acwa Power, Paddy Padmanathan, said the contract award highlighted Oman’s ambition to boost renewable energy diversify its energy mix.
“Based on our reputation for winning world-record power projects with the best tariffs as well as our expanding renewable portfolio, we look forward to collaborating with our partners and Omani stakeholders to successfully complete this project,” he added.