AIIB lends USD 60m for 500-MW solar project in Oman

Sunset in Oman. Author: Julien André Eilert.

March 27 (Renewables Now) - The Asian Infrastructure Investment Bank (AIIB) on Thursday said it will back the 500-MW Ibri II solar power project in Oman with USD 60 million (EUR 54.3m) in debt.

The photovoltaic (PV) project is being developed by a tie-up led by Saudi Arabia’s ACWA Power, which is partnering with Kuwait’s Gulf Investment Corporation (GIC) and Alternative Energy Projects Co (AEPC). They announced reaching financial close on the USD-400-million scheme earlier this week.

The lending consortium for the independent power project (IPP) project includes six lenders. AIIB noted this is its first non sovereign-backed financing in Oman’s renewable energy sector.

Ibri II will be built at a 1,300-hectare (3,212 acres) site in Dhahirah governorate and is expected to go online by June 2021, becoming the largest utility-scale solar park in the Sultanate of Oman. When working at peak capacity, the power complex will be able to generate electricity that will be enough to cover the consumption of around 33,000 homes per year.

(USD 1.0 = EUR 0.906)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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