Saudi Arabia’s Acwa Power led consortium has secured the contract for the development of Ibri-2 Independent Power Producer (IPP) with the Oman Power and Water Procurement Company (OPWP). The consortium members, Kuwaiti groups Gulf Investment Corporation (GIC) and Alternative Energy Projects Company (AEPCo) is tasked with developing the largest utility scale solar PV independent power project in Oman.
Acwa Power will develop the project on a build, own, operate (BOO) basis, and include the finance, construction , and operation of the 500 MWac solar PV plant. Acwa Power is the lead investor in the renewable energy plant and has a 50% stake. GIC and AEPC will hold 40% and 10% stake, respectively.
“It is an honour to have been trusted with the delivery and operation of the Ibri II Solar PV IPP based on our reputation for winning world-record power projects with the best tariffs as well as our expanding renewable portfolio,” said Paddy Padmanathan, President and CEO of Acwa Power. “We look forward to collaborating with our partners and Omani stakeholders to successfully complete this project.”
Meshary Al Judaimi, the division head of financial services and utilities at GIC, stated that winning this project reinforces GIC’s role in supporting private sector participation in the development of the GCC economies.
Dr Hassan Qassem, general manager from AEPCo said this project demonstrated the ability of GCC companies to compete with their international counterparts to provide competitive solution in renewable and sustainable energy.
“This project also demonstrated Oman’s long term vision in sourcing renewable energy and encouraging investment in the sector,” he added.
Acwa Power stated that this project will be the first utility scale solar power project in Oman and will utilise PV technology to yield 500 MWac of power. At peak generation capacity, the plant’s output will be enough to supply an estimated 33,000 homes with electricity and will offset 340,000 tonnes of carbon dioxide emissions a year, it stated.
Ibri-2 IPP will be located 300km west of Muscat has been designed to ensure the highest efficiency, reliability and availability standards for any comparable plant in the world.