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ACWA Power-led group signs deal for 500-MW solar project in Oman

The signing of the agreement. Source: ACWA Power

May 6 (Renewables Now) - The Saudi-Kuwaiti consortium that recently won the licence to build a 500-MW solar photovoltaic (PV) plant in Oman has signed the required agreements for the project, it was announced over the weekend.

The consortium, comprised of ACWA Power, Gulf Investment Corporation (GIC) and Alternative Energy Projects Co (AEPCo), signed a deal with the Oman Power and Water Procurement Company (OPWP) to develop, finance, build and operate the Ibri-2 solar park at a site around 300 km west of Muscat.

Saudi Arabia’s ACWA Power is taking a 50% stake in the project, leaving a 40% interest to Kuwait's GIC and 10% to AEPCo. As previously announced, the project will require an investment of USD 400 million (EUR 357m) and is expected to be completed by June 2021.

This is the first utility-scale solar project in Oman. The tender process that awarded the scheme attracted a total of 12 qualified bidders.

(USD 1.0 = EUR 0.893)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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