European investors plan 400MW of solar generating capacity in Oman

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email

Solar industry business people are continuing to invest in the Middle East. Swiss Terra Nex, a wealth management company specializing in Middle East investment and Germany-based Middle East Best Select (MEBS) plan a US$2 billion integrated project to develop 400MW of solar technology in Oman, including facilities to manufacture solar panels for Oman and for export. Last week, wholesaler and project developer, Antaris Solar, announced it had opened trading posts in the United Arab Emirates and Qatar.

The project will be financed largely by investors from Germany, with US$600 million of the overall investment coming from direct equity capital, with the remainder covered by loans from European financial institutions. Terra Nex has organised a conference for 70 German investors in MEBS. The investors have gained a first-hand look at Oman and met with some key players in the government, industrial and power sectors.

“To ensure the project's achievability, MEBS has also launched a private investment fund named Solar Energy-Photovolotaik in Oman as an added incentive. With a total initial investment of US$200 million, this fund will finance the first solar power station,” said Shaikh Hilal bin Khalid bin Nasser al Maawali, local partner to Terra Nex and MEBS, who has helped direct the project in Oman.

Terra Nex and MEBS have agreed with Sheikh Hilal Al -Maawali to offer 40% of the capital for public subscription in the future after not more than four years from the operation of the project.

This project is set to create over 2000 work opportunities for Omanis over diverse industrial sectors and services. The Research Council of Oman recently approved a budget to focus on the study of energy planning, investment and research consulting in the Sultanate, which will improve the skillset of the local populace.

“The new institute for solar energy in conjunction with international training will give the Sultanate the necessary expertise and well educated human capital to establish a manufacturing base with the ability to produce and export clean energy to regional countries and gives the Omani youth a competitive edge in the region job market. These new jobs will create a new revenue stream for the national economy and help place Oman as a leader in the field of the renewable power technology sector; an expertise that will be marketable in the region,” said Sheikh Hilal.

He continued, “This is great beginning for 2012 for Oman. With a major US$2bn international investment strong indication of commitment coming to Oman so early in the year, we have yet again highlighted the potential for attractive investment in the Sultanate.

“This project touches so many aspects of Omani society – from economic growth to energy generation; from industrial diversification to education and jobs creation; from optimum utilization of natural resources to technological innovation – the chance for exponential growth is all but definitive.”

“Oman's stable business environment and pro-environmental policies makes the Sultanate a natural partner to this project,” David Heimhofer, chairman of Terra Nex, said in a statement.

“The government's aim to produce 10% of its energy needs from renewable energy resources by 2020 is laudable and this project will go a long way in making that vision a reality.”

Siemens AG, Solar and Hydro Division, has already expressed an interest in the project to act as the EPC contractor.

19 August 2021
The utility-scale PV market is poised for exponential growth and yet the industry still has many fundamental opportunities to improve on standards and best practice. Tracker shade loss has been one of those topics that deserve more attention, but has been typically handled by derate factors rather than trying to accurately forecast the loss over the life of the system. Join Nextracker’s subject matter experts, Aron Dobos and Neelesh Umachandran, and Rounak Kharait, director of solar energy assessments at DNV, for a webinar about why shade modeling matters and recommendations on what the solar industry should do about it.
25 August 2021
Energy Next is a new industry exhibition focusing on the latest renewable energy and energy efficiency technology, which will be held for the first time in 2021 in Sydney, Australia alongside the Clean Energy Council’s Australian Clean Energy Summit, the peak gathering of leaders driving Australia's energy transformation. Organised by the same people behind Australia’s largest clean energy event, All-Energy Australia, Energy Next will give visitors two days of access to key suppliers in the industry, free-to-attend professional development and industry workshops, and networking opportunities to better understand clean energy issues and solutions and learn about the latest developments in this transformational, dynamic sector.
25 August 2021
The Intersolar Summit Brasil Nordeste takes place in Fortaleza, Brazil. It addresses leading local and international experts on solar power and renewable energy in the region. The Summit’s mission is to provide in-depth education, enable high-quality networking opportunities, expand the use of PV technologies at regional and national level and strengthen the local PV industry. The Intersolar Summit Brasil Nordeste is organized by Intersolar South America - Latin America’s largest exhibition and conference for the solar industry: Solar Promotion International GmbH, Pforzheim, Freiburg Management and Marketing International GmbH (FMMI) and Aranda Eventos & Congressos Ltda, São Paulo as co-organizer.
25 August 2021
Join us to hear directly from the CTOs and heads-of-research from the top-20 cell/wafer producers to the PV industry today. The event will focus on predicting the key metrics underpinning the next big shift to n-type with answers to the key questions: When will the transition to n-type happen? Which companies will be first to 10 GW capacity and production? Who will be the key equipment suppliers for the new production lines? Which n-type process flow/architecture will emerge as the front-runner? What will polysilicon purity and wafer thickness levels look like for optimized n-type manufacturing? What will the upstream poly/wafer supply-chain look like in 5 years from now?
26 August 2021
In this webinar, JA Solar will present its product portfolio based on the latest technologies to improve your PV projects, ensuring maximum reliability and performance. During the webinar we will receive insight from JA Solar about its solar technology roadmap and how the manufacturer is providing customers with innovative solutions to suit their needs, while we will also analyse how to determine the best product solution for each solar project.
6 September 2021
The 38th European Photovoltaic Solar Energy Conference and Exhibition will be held online from 6 - 10 September 2021, allowing PV experts from all around the globe to participate with just one click! The EU PVSEC is the world's leading forum for PV Research and Development and the biggest Conference on PV Solar Energy worldwide. That is why PV experts from all around the globe are keen on gathering together each year to be part of this specialist’s event, to present and discuss the latest developments in Photovoltaics, to network and to conduct business.

Read Next

PV Tech Premium
July 30, 2021
Not only will solar be the dominant source of new power generation in Europe by 2025, cementing its position as the third largest market for solar globally, but the continent has placed the asset class at the very heart of its COVID-19 recovery strategy. As part of a week-long special report on PV Tech Premium, Liam Stoker, Edith Hancock and Jules Scully explore the drivers for solar in Europe, the key markets and the challenges that remain.
July 30, 2021
First Solar has unveiled plans to construct a 3.3GWdc module assembly facility in India, bolstering its manufacturing footprint outside of the US.
July 30, 2021
Anglo-Australian mining company BHP, in partnership with Canada’s TransAlta Renewables, is to build two solar farms and a battery storage system to help power its Mt Keith and Leinster nickel mines in Western Australia
July 30, 2021
German energy giant RWE has upgraded its earnings forecast for 2021 after “exceptionally positive” earnings trend
July 29, 2021
Tracker and racking provider Arctech has delivered SkySmart II tracking system to a 575MW agriculture-sharing solar project located in Nangong City, Hebei Province, China.
July 29, 2021
Unigreen Energy, owned by Hevel majority shareholder Ream Management LLC, has broken ground on a wafer and cell manufacturing plant that will produce 1.3GW of silicon n-type monocrystalline ingots and wafers as well as 1GW of heterojunction technology (HJT) solar cells.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
August 19, 2021
At 9am (PT) | 6pm (CEST)
Solar Media Events
August 25, 2021
Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
BRISTOL, UK