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The Asian Infrastructure Investment Bank is set to provide up to US$60 million loan financing for the development of the 500 MW Ibri II solar photovoltaic (PV) project in Oman.
The financing covers about 15% of the estimated total project of about US$400 million.
The project is currently developed by International Company for Water and Power Projects, better known as ACWA Power, Gulf Investment Corporation (GIC), and Alternative Energy Projects Co (AEPC). The project has signed a 15-year power purchase agreement with Oman Power and Water Procurement Company (OPWP).
The project is expected to be operational by June 2021.
