ACWA Power consortium wins Oman solar PV project

An ACWA Power-led consortium, including Gulf Investment Corporation (GIC) and Alternative Energy Projects Co. (AEPCo), has secured a contract from Oman Power and Water Procurement Company (OPWP) to develop Ibri-2 Independent Power Producer (IPP).

The project, to be developed on a build, own, operate (BOO) basis, includes the development, finance, construction, and operation of the 500 megawatt (MWac) solar photovoltaic (PV) power plant.

Located around 300 kilometers west of Muscat, the project will contribute towards increasing power supplies in the Sultanate, the utility provider said in a statement.

At its peak generation capacity, the plant output will be enough to supply an estimated 33,000 homes with electricity and will offset 340,000 tonnes of carbon dioxide emissions a year.

“Our winning bid for Ibri-2 Solar PV IPP is a continuation of the progress ACWA Power is making in developing and securing our clean energy footprint in the region,” said Rajit Nanda, Chief Investment Officer of ACWA Power.

“Being awarded this project is a sign of intent which reaffirms our steadfast commitment to renewable energy and also to the Sultanate,” President and CEO, Paddy Padmanathan, said.

OPWP awarded the project to the winning consortium following an international competitive tendering process that included 12 qualified bidders. The winning consortium submitted the best economic tariff for the electricity that will be sold to OPWP.

ACWA Power is the lead investor in the project with a 50 percent stake, whereas GIC will have a 40 percent stake and AEPCo will control the remaining 10 percent.