November 20 (Renewables Now) - Qatar-based energy company Nebras Power QPSC has bought a 9.9% stake in the company behind an up to 105-MW photovoltaic (PV) project under construction in Oman, it said on Tuesday.
Specifically, Nebras has finalised the acquisition of a minority stake in Amin Renewable Energy Company SAOC (AREC) for an undisclosed sum. AREC is a Japanese-Omani consortium consisting of Marubeni Corporation (TYO:8002), Oman Gas Company SAOC and Bahwan Renewable Energy Company LLC that is developing Project Amin about 210 km (130 miles) northeast of Thumrait.
The project is set to achieve early generation next month and operate at full capacity in May 2020. It will produce power for Petroleum Development Oman LLC under a 23-year power purchase agreement (PPA).
The acquisition is in line with Nebras' strategy of enhancing its asset base and boosting its presence in Oman, it said.