Abu dhabi: Abu Dhabi Future Energy Company PJSC – Masdar, along with its consortium partners Al Khadra Partners, Korea Midland Power Co. Ltd (KOMIPO), and OQ Alternative Energy (OQAE), have successfully reached financial close for the Ibri III Solar Independent Power Project, marking the first utility-scale solar and battery storage initiative in the Sultanate of Oman.
According to Emirates News Agency, the financing for this landmark project was secured through leading global financial institutions, Natixis Corporate and Investment Banking (Natixis CIB) and First Abu Dhabi Bank (FAB), covering a significant portion of the project’s estimated cost of US$300 million. The Ibri III project is developed for Nama Power and Water Procurement (Nama) and aligns with the Oman Vision 2040, aiming to diversify the country’s energy resources. The initiative is set to contribute to Oman’s target of generating 30 percent of its electricity from renewable sources by 2030. The project integrates a 500-megawatt (MW) photovoltaic plant with a 100-megawatt-hour (MWh) battery energy storage system (BESS), sufficient to power approximately 33,000 homes and prevent around 505,000 tonnes of carbon dioxide emissions annually.
Mohamed Jameel Al Ramahi, CEO of Masdar, expressed gratitude to the lenders and partners, emphasizing that this milestone underscores Masdar’s dedication to supporting Oman’s energy transformation objectives. He highlighted the potential of battery energy storage in advancing renewable energy deployment and mentioned Masdar’s plans to leverage expertise in BESS and advanced technologies to ensure clean and secure power for Oman.
The power purchase agreement (PPA) for the Ibri III project was finalized in September, covering the design, construction, ownership, financing, operation, and maintenance of the solar plant and battery storage system.
