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Oman’s largest utility-scale solar PV IPP
- 5 years ago (2019-05-06)
- David Flin
A consortium composed of ACWA Power, Gulf Investment Corporation (GIC) and Alternative Energy Projects Co (AEPC) has executed the project agreements for the Ibri-2 IPP with the Oman Power and Water Procurement Company (OPWP). The project will be developed on a Build, Own, Operate (BOO) basis, and includes the development, finance, construction, and operation of the 500 MW solar PV power plant. The project will be located 300 km west of Muscat, and will contribute towards increasing power supplies in the Sultanate.
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OPWP awarded the project to the winning consortium following an international competitive tendering process that included 12 qualified bidders. The winning consortium submitted the best economic tariff for the electricity that will be sold to OPWP. ACWA Power is the lead investor in the project with a 50 per cent stake. GIC has a 40 per cent stake, and AEPC the remaining 10 per cent.
The project will be the first utility-scale solar power project in Oman, and will generate 500 MW.