Masdar achieves financial close for Ibri III power project in Oman

Abu Dhabi Future Energy Company (Masdar), alongside its consortium partners, has achieved fiscal adjacent for the Ibri III Solar Independent Power Project successful Oman.

Ibri III is acceptable to present a operation of a 500MW star photovoltaic (PV) works and a 100 megawatt-hour (MWh) artillery vigor retention strategy (BESS). It is expected to conscionable the energy depletion needs for astir 33,000 homes, portion reducing c dioxide (CO₂) emissions by an estimated 505,000 tonnes per annum (tpa).

The installation is Oman’s archetypal large-scale star and artillery retention project.

It volition beryllium developed by Masdar and its partners Korea Midland Power, Al Khadra Partners and OQ Alternative Energy.

This task marks a important milestone successful Oman’s vigor scenery arsenic it aligns with the country’s Vision 2040 extremity of sourcing 30% of its energy from renewable resources by the twelvemonth 2030.

The financing of this star and artillery task has been secured from large fiscal institutions, namely Natixis Corporate & Investment Banking and First Abu Dhabi Bank.

The financing facilities from these institutions volition screen a important information of the full task costs, estimated astatine astir $300m (Dh1.1bn).

Masdar CEO Mohamed Jameel Al Ramahi said: “We convey our lenders and partners for enabling america to scope this important milestone successful the improvement of the Ibri III project, which highlights Masdar’s committedness to helping Oman execute its vigor translation goals.

“We spot large imaginable for artillery vigor retention to grow renewable vigor deployment, and we look guardant to leveraging our expertise successful BESS and different precocious technologies to present clean, unafraid powerfulness for the Sultanate.”

The statement for purchasing powerfulness generated by the Ibri III task was finalised past September.

The scope of the task involves the design, construction, financing, maintenance, cognition and ownership of some the works and its associated retention system.

The inaugural is being developed nether the aegis of Nama Power and Water Procurement, further advancing Oman’s strategical vigor diversification plans.

Earlier this month, Masdar entered into a powerfulness acquisition statement for the 150MW Quipungo Solar PV task successful Angola, the UAE-based developer’s archetypal specified statement successful the country.

"Masdar achieves fiscal adjacent for Ibri III powerfulness task successful Oman" was primitively created and published by Power Technology, a GlobalData owned brand.

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