Oman’s largest utility-scale solar project brought online by ACWA Power led consortium

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
The plant will produce power for the Oman Power and Water Procurement Company under a 15-year contract. Image: ACWA Power via Twitter

A consortium including Saudi solar developer ACWA Power has inaugurated the 500MW Ibri 2 solar project in Oman, which becomes the country’s largest utility-scale solar project to date.  

The consortium, which includes the Gulf Investment Corporation (GIC) and Alternative Energy Projects Company (AEPC), will produce energy over a 15-year period for the Oman Power and Water Procurement Company (OPWP).

The project, which took 13 months to complete and cost around US$417 million, was developed on a build, own, operate (BOO) basis and will be connected to Oman’s main national grid.

The project moves Oman closer to achieving its climate goals, which include hitting 20% renewable energy production by 2030 and up to 39% by 2040.

Yaqoob Saif Al Kiyumi, CEO of the OPWP, said the project will be a “turning point for launching similar projects in the field of renewable energy” and that the company was developing two more solar PV plants in Oman with a total capacity of 1GW, in addition to other renewable projects in the country.

“We have leveraged our combined strengths in investments, industry expertise and technological know-how to achieve the rapid and successful completion of the milestone Ibri 2 project, despite challenging conditions imposed by the COVID-19 pandemic,” said Mohammad Abunayyan, ACWA Power chairman.

In December last year, ACWA power – which recently had its planned IPO approved by the Saudi market authority – signed a memorandum of understanding (MoU) with Natixis Corporate & Investment Banking, a subsidiary of French bank Groupe BPCE, in a financing deal worth up to US$2 billion over two years for ACWA Power’s future project pipeline. 

Read Next

April 20, 2022
Technical advisory TÜV Rheinland has issued its first green hydrogen and green ammonia certification globally to Green Hydrogen & Chemicals, a joint venture between solar developer ACME Group and renewable company Scatec.
March 28, 2022
Nextracker has been selected to supply its smart solar trackers and TrueCapture technology for the first phase of a 450MW PV project in Sudair, Saudi Arabia, which Nextracker said was the country’s largest solar plant currently under construction.
March 9, 2022
Solar developers ACWA Power and Jinko Power have both penned power purchase agreements in Saudi Arabia, with the country aiming to launch 15GW of projects in the next two years.
March 7, 2022
Norwegian renewables company Scatec and Indian solar developer ACME Group have signed a joint venture agreement to develop a large-scale green ammonia facility in Oman with an annual capacity of 1.2 million tonnes once fully developed.
February 4, 2022
A banking consortium has signed a PLN864 million (€189 million/US$215 million) agreement to finance Polish developer R.Power Group’s 299MW portfolio of solar PV projects in Poland.
January 17, 2022
Oman has signed an agreement with energy major bp that will support the potential development of multiple gigawatts of renewables and green hydrogen in the Middle Eastern country by 2030.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 14, 2022
Napa, USA
Solar Media Events
October 4, 2022
New York, USA