AIIB preps to lend USD-60m for large solar project in Oman

Sunset in Oman. Author: Julien André Eilert.

February 12 (Renewables Now) - The Asian Infrastructure Investment Bank (AIIB) will help finance the 500-MW Ibri II solar photovoltaic (PV) project in Oman.

The lender has concluded its final review of the financing request by project company Shams Ad-Dhahira Generating Company SAOC and targets formal approval next month. According to project documents, AIIB will provide a loan of about USD 60 million (EUR 55m) to cover a portion of the total project cost amounting to USD 400 million.

The sponsors of the project are the International Company for Water and Power Projects, better known as ACWA Power, Gulf Investment Corporation (GIC) and Alternative Energy Projects Co (AEPC). They won the licence to build the Ibri II plant last spring and signed a 15-year off-take agreement with the Oman Power and Water Procurement Company (OPWP).

The planned commercial operation date for the plant is June 1, 2021.

(USD 1.0 = EUR 0.916)

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