Financial Close announced for 500 MW Solar PV project in Oman
The consortium comprising EDF Renewables and Korea Western Power Corporation (KOWEPO), announced that it has reached financial close on the 500 MW Manah 1 solar power plant located in the region of Ad Dakhiliyah, in northeastern Oman.
The consortium and Oman Power and Water Procurement Company (PWP) inked a 20-year Power Purchase Agreement (PPA) on March 23, 2023. Under the terms of the PPA, the consortium will be responsible for the design, finance, build and operation of the plant.
The financing of the project was supported by global financial institutions and the strategic partnership formed by French and Korean energy leaders to leverage their combined expertise. The project will be financed by a combination of equity and loans from domestic and foreign financial institutions, including Oman Bank Muscat, Société Générale, the Export-Import Bank of Korea, and others.
The solar project will consist of Over 1,000,000 bifacial PVs and include single-axis trackers. Once completed it will generate enough energy to power over 50,000 Omani households, while offsetting over 700,000 metric tonnes of CO2 per year. The plant is expected to begin commercial operation in the first quarter of 2025.
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July 25, 2023
US$488mn loan for 300 MW green hydrogen and ammonia plant in Oman
ACME Group has secured a US$488 million loan financing from REC Ltd. for the development and construction of a Green Hydrogen and Green Ammonia project located in Oman.
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Synergy to provide financial advisory services for 300 MW Hydrogen facility in Oman
Synergy Consulting has announced that it has been selected as a Transactional and Financial Advisor by a joint venture between ACME and Scatec ASA.
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March 27, 2020
Oman´s largest solar plant reaches financial close
A consortium consisting of ACWA Power, GIC, and AEPC have achieved the financial closure for the 500 MW solar photovoltaic (PV) Independent Power Project (IPP) at Ibri in the Sultanate of Oman, which is also the largest utility-scale solar plant in the country as of date.
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March 26, 2020
Acquisition of Oman Electricity Transmission Company
State Grid Corporation of China (SGCC) has completed the 49% equity acquisition of Oman Electricity Transmission Company (OETC) together with seller Nama Group. Oman Electricity Transmission Company operates as a transmission system provider in Oman.
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May 08, 2019
Agreement signed for the largest utility scale solar project in Oman
A consortium composed of ACWA Power, Gulf Investment Corporation (GIC), and Alternative Energy Projects Co. (AEPCo) has signed the project agreements for the development of 500 MW Ibri-2 Independent Power Producer (IPP) with the Oman Power and Water Procurement Company (OPWP).
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