SGRF’s Rakiza Fund to invest in Oman renewables

Published: 13 February 2020 - 6:27 a.m.
By: Baset Asaba

Rakiza, an infrastructure-focused fund backed by largest Omani sovereign wealth fund (SWF), is eyeing opportunities to invest in the country’s renewable energy space.

The State General Reserve Fund (SGRF) was launched by the wealth fund in 2018 to enable foreign equity investors to explore opportunities in Oman’s broader infrastructure sector.

Areas of strategic investment interest include renewables, oil and gas, social infrastructure, power and water, telecommunications, transport and logistics and the environment.

Rakiza is looking to actively invest in renewables, the company’s chief financial officer (CFO) told the Oman Observer newspaper.

“We see it as a growth opportunity, as well as an opportunity for Oman to diversify in line with the country’s 2020 and 2040 vision strategies,” said Govett.

The official said the SWF was studying a number of project opportunities, including one proposed in the Suhar area.

“We are looking at the project economics. We want to make sure it meets investor demand and appetite, and the promise we have made to our investors. We are still at a stage where we are assessing all the project criteria. We are excited about the fact these projects are coming to market and not solely being done by the government. It’s an opportunity for us to bring in Foreign Direct Investment (FDI) into the country,” Govett said.

As part of its remit, the Rakiza fund is also working with other investors to develop the renewable energy space in Oman, the CFO said.

“These opportunities are not limited to solar PV, but also green hydrogen, among other mega projects,” he said.

By 2030, renewable energy projects are expected to account for roughly 30 per cent of generation capacity in the sultanate.

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