Financial Closure Achieved for the Largest Solar Photovoltaic Power Plant in the Sultanate of Oman

24 March 2020

United Arab Emirates, Oman, (March 19 2020) : A consortium consisting of ACWA Power, GIC and AEPC has 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.

Project Summary: The 500 MWac Ibri II solar project is an Independent Power Project (IPP) which will be Oman’s largest utility-scale solar PV Independent Power Project. The project, to be developed on a BOO (build, own, operate) basis, will utilize cutting-edge Solar Photovoltaic Technology to generate 500 MWac of renewable power. At peak generation capacity, the plant 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. Located around 300km west of Muscat, Ibri-2 IPP will contribute towards increasing power supplies in the Sultanate. The term of the off take contract for the project will be 15 years from the commercial operations date.