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Oman solar plant reaches financial closure

Published by
Energy Global,

A consortium consisting of ACWA Power, GIC and AEPC has achieved the financial closure for the 500 MW solar photovoltaic (PV) Independent Power Project (IPP) at Ibri in the Sultanate of Oman.

The circa US$400 million project will be funded on a debt to equity ratio of 70:30. A syndicate of six international and local lenders, will provide the US$275 million senior debt. The mandated lead banks including Asian Infrastructure Investment Bank (“AIIB”), Bank Muscat, Riyad Bank, Siemens Bank, Standard Chartered Bank and Warba Bank helped structure the solar PV project on a circa 16.5 year door-to-door tenor.

This deal also represents the first renewable energy financing in Oman as well as the GCC region by AIIB, the Beijing headquartered international multilateral development bank.

The 500 MWac Ibri II solar project is an Independent Power Project (IPP). The project, to be developed on a BOO (build, own, operate) basis, will utilise cutting-edge solar PV technology to generate 500 MWac of renewable power. At peak generation capacity, the plant output will be enough to offset 340 000 tpy of carbon dioxide emissions. Located around 300km west of Muscat, Ibri-2 IPP will contribute towards increasing power supplies in the Sultanate. The term of the offtake contract for the project will be 15 years from the commercial operations date.

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