500 MW SPP will be built in Oman

In the city of Ibri, 280 km west of the capital of Oman, Muscat, a 500 MW solar power plant will be built. It is reported by Ecotown.

The Ibri-2 solar project is being implemented by a consortium that includes ACWA Power (50%), Gulf Investment Corporation (40%) and Alternative Energy Projects (10%).

Ibri-2 SPP will provide energy to about 33,000 homes and reduce CO2 emissions into the atmosphere by 340,000 tons per year.

The $400 million project will be partially funded by a syndicate of lenders, which includes the Asian Infrastructure Investment Bank (AIIB), Muscat Bank, Riyad Bank, Siemens Bank, Standard Chartered Bank and Warba Bank, which will provide a loan in the amount of $275 million.

In 2019, Acwa Power-led was chosen to develop the Ibri-2 solar project under the build-own-operate-BOO scheme of the Oman Power and Water Procurement Company, OPWP. The consortium will be responsible for the development, financing, construction and operation of the solar photovoltaic installation.

“This project, which is the largest utility solar photovoltaic project in Oman”, said Rajit Nanda, Chief Investment Officer of ACWA Power. “It will also be the first renewable energy financing project for the Asian Gulf Infrastructure Investment Bank”.

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