Muscat: Nama Power and Water Procurement (PWP) has finalized an agreement with a consortium led by Abu Dhabi Future Energy Company PJSC – Masdar, along with Al Khadra Partners, Korea Midland Power Co. Ltd (KOMIPO), and OQ Alternative Energy (OQAE), to develop Oman’s first utility-scale solar and battery storage project.
According to Emirates News Agency, the Masdar-led consortium will spearhead the Ibri III Solar Independent Power Project, featuring a 500-megawatt photovoltaic plant and a 100-megawatt-hour battery energy storage system. The project includes the design, construction, ownership, financing, operation, and maintenance of the plant and storage system.
The power purchase agreement, facilitated by Eng. Salim bin Nasser Al Aufi, Minister of Energy and Minerals, was signed in Muscat by key representatives including Ahmed bin Salim Al Abri, CEO of PWP, and Mohamed Jameel Al Ramahi, CEO of Masdar.
Salim bin Nasser Al Aufi emphasized the project’s significance in Oman’s transition towards renewable energy, aligning with Oman Vision 2040 and the goal of achieving Net Zero by 2050. The Ibri III Solar Power Plant, with an investment of around OMR 115 million, is expected to reduce carbon dioxide emissions by approximately 505,000 tonnes annually and contribute an additional 4 percent to the renewable energy mix in Oman’s electricity generation.
Ahmed bin Salim Al Abri expressed pride in collaborating with strategic partners on the project, highlighting Nama Power and Water Procurement’s commitment to renewable energy and the importance of In-Country Value (ICV) through supporting local enterprises.
Mohamed Jameel Al Ramahi stated that the project would support Oman Vision 2040 by diversifying energy resources and creating new jobs, while Abdullah Rashid Al Sawafi outlined PWP’s strategy to attract foreign investments and expand renewable energy capacities.
Ghalib Al Maamari, Acting CEO of OQAE, reiterated OQAE’s role in strengthening energy security, while Sheikha Hind Bahwan of Al Khadra Partners and Lee Young-jo of KOMIPO expressed their commitment to delivering the project successfully, reinforcing Oman’s leadership in the energy transition.
The Ibri III project is crucial to Oman’s policy of diversifying energy resources to meet growing electricity demand, aiming to generate 30 percent of electricity from renewables by 2030. Once operational, the project will provide electricity to around 33,000 homes and significantly reduce carbon emissions.