Financial Close Achieved for 500 MW Solar & Battery Storage Project in Oman

Masdar, and consortium partners Al Khadra Partners, Korea Midland Power Co. Ltd (KOMIPO), and OQ Alternative Energy (OQAE), have reached financial close for the 500 MW Ibri III Solar Independent Power Project, the first utility-scale solar and battery storage project in the Sultanate of Oman.

Financing facilities have been secured with leading global financial institutions Natixis Corporate & Investment Banking (Natixis CIB) and First Abu Dhabi Bank (FAB), which will cover a substantial part of the total project costs of around US$300 million. Ibri III, which is being developed for Nama Power and Water Procurement (Nama), will contribute to the Oman Vision 2040 goal of diversifying energy resources, including the target of generating 30 percent of electricity from renewables by 2030. Combining a 500-megawatt (MW) photovoltaic (PV) plant with a 100-megawatt-hour (MWh) battery energy storage system (BESS), it will produce enough electricity to power around 33,000 homes, while avoiding approximately 505,000 tonnes of carbon dioxide annually.

The power purchase agreement (PPA) for the Ibri III project was signed in September. The scope of the project includes design, construction, ownership, financing, operation, and maintenance of the plant and storage system.