Abu Dhabi Future Energy Company (Masdar), in collaboration with its consortium partners, has successfully reached financial close for the Ibri III Solar Independent Power Project in Oman.
The Ibri III project will consist of a 500MW solar photovoltaic (PV) plant and a 100 megawatt-hour (MWh) battery energy storage system (BESS). This combination is expected to provide electricity for approximately 33,000 homes and reduce carbon dioxide (COâ‚‚) emissions by an estimated 505,000 tonnes per year. Notably, this project represents Oman’s first large-scale solar and battery storage initiative.
The development of the Ibri III project will be carried out by Masdar and its partners, including Korea Midland Power, Al Khadra Partners, and OQ Alternative Energy. This project is a significant step forward for Oman’s energy sector, aligning with the country’s Vision 2040 goal of sourcing 30% of its electricity from renewable sources by 2030.
To finance this solar and battery project, Masdar secured funding from major financial institutions such as Natixis Corporate & Investment Banking and First Abu Dhabi Bank. The financing facilities obtained will cover a substantial portion of the total project costs, estimated at around $300 million (Dh1.1 billion).
Masdar’s CEO, Mohamed Jameel Al Ramahi, expressed gratitude to the lenders and partners for their support in achieving this milestone. He highlighted Masdar’s dedication to assisting Oman in its energy transformation goals and emphasized the potential of battery energy storage in expanding renewable energy deployment.
The agreement for purchasing power generated by the Ibri III project was finalized in September. The project scope includes the design, construction, financing, maintenance, operation, and ownership of both the solar plant and its associated storage system. Nama Power and Water Procurement are overseeing the project, further advancing Oman’s strategic energy diversification plans.
In addition to the Ibri III project, Masdar recently entered into a power purchase agreement for the 150MW Quipungo Solar PV project in Angola, marking the company’s first such agreement in the country.
“Masdar achieves financial close for Ibri III power project in Oman” was originally published by Power Technology, a brand owned by GlobalData. The information provided on this site is for general informational purposes only and should not be relied upon as advice. It is recommended to seek professional or specialist advice before making any decisions based on the content.
