coalition "source" Financially closes first utility-scale solar power project with battery energy storage system in Oman
ABU DHABI, 16 JANUARY / WAM / A consortium led by Abu Dhabi Future Energy Company “Masdar”, which includes “Green Partners”, “Korea Midland Power Limited” (COMEBO), and “OQ Alternative Energy”, the leading Omani company in the field of renewable energy, announced the financial close of the “Ibri Solar Energy Project – Phase III”, which is the first solar energy project equipped with a battery system for utility-scale energy storage in the Sultanate of Oman.
Financing facilities were secured from two leading international financial institutions, Natixis Banking and Investment Services, and First Abu Dhabi Bank, to cover a large portion of the total project costs, which are estimated at approximately $300 million.
The “Ibri – Phase Three” project is being developed for the “Nama Power and Water Procurement Company”, as it contributes to supporting the goals of “Oman Vision 2040” that seeks to diversify energy sources, including achieving the generation of 30% of electricity from renewable sources by 2030.
The project gains its technical and economic importance from its combination of a solar photovoltaic power station with a capacity of 500 megawatts and a battery system for energy storage with a capacity of 100 megawatt hours, ensuring the supply of electricity to about 33,000 homes, and contributing to avoiding the emission of approximately 505,000 tons of carbon dioxide annually.
Mohammed Jameel Al Ramahi, CEO of Masdar, stressed that energy storage battery systems are a fundamental pillar for the expansion of renewable energy projects, expressing the company’s aspiration to employ its expertise in the field of energy storage and other advanced technologies to provide clean and safe energy in the Sultanate.
He thanked the partners who played an essential role in reaching this important stage in the development of the pioneering Ibri Solar Energy Project – Phase III, which reflects Masdar’s commitment to actively contribute to supporting the Sultanate of Oman’s endeavors to bring about a qualitative shift in the energy sector.
It is noteworthy that the power purchase agreement for the “Ibri Solar Energy Project – Phase III” was signed last September, and the scope of the project includes the design, construction, ownership, operation, and maintenance operations related to the station and the energy storage system.
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