New 500 MW Ibri III Solar Project Agreement: Implications for Business Growth and Renewable Energy Investment in Oman
مسقط: Nama Power and Water Procurement Company (Nama PWP) recently entered into an agreement with a consortium led by Abu Dhabi Future Energy Company (Masdar) to develop Oman’s first utility-scale solar power plant equipped with a battery storage system. This project involves an investment of RO 115 million.
Designated as the Ibri III Solar Power Project, the facility will be located in the Al Dhahirah Governorate and will have a capacity of up to 500 megawatts (MW), sufficient to power approximately 33,000 homes. It will be paired with a battery storage system capable of 100 MWh.
The consortium also includes Korea Midland Power (KOMIPO) and Al Khadra Partners (Oman). The project’s scope encompasses the design, construction, ownership, operation, and maintenance of both the solar plant and the energy storage system.
During the opening remarks, Eng. Salim bin Nasser al Aufi, Minister of Energy and Minerals, emphasized that the Ibri III Solar Project marks a significant step in Oman’s journey towards renewable energy. Spanning about 10 million square meters, the initiative aligns with the goals outlined in چشمانداز عمان ۲۰۴۰ and aims for net neutrality by 2050. Furthermore, it is projected to reduce carbon dioxide emissions by approximately 505,000 tonnes annually and increase renewable energy contributions by 4 percentage points.
Al Aufi underscored that Oman is making steady progress towards a sustainable future by diversifying its energy sources, enhancing supply security, and solidifying its position as a leading regional hub for clean energy.
Ahmed bin Salem al Abri, CEO of Nama PWP, remarked, “This project not only underscores Nama PWP’s commitment to the energy transition but also serves as a model for effectively blending public and private sector initiatives to transform the renewable energy landscape in Oman.”
Mohammed Jameel al Ramahi, CEO of Masdar, stated, "The project will address Oman’s current energy requirements while fostering new job opportunities, driving economic and social development, and meeting the anticipated future energy demand."
Eng Abdullah Rashid al Sawafi, Chief Energy Transition Officer at Nama PWP, noted the company has secured contracts with 26 power generation and water desalination plants over the past 15 years, attracting foreign investments totaling no less than US$11 billion. Looking ahead, Nama PWP aims to attract an additional US$5 billion in foreign investments over the next five years.
The company is also targeting an increase of up to 9 gigawatts (GW) of renewable energy capacity by 2030, which would represent 60% of the contracted capacity, thus facilitating the achievement of the چشمانداز عمان ۲۰۴۰ goal of deriving 30% of energy production from renewable sources.
Ghaleb al Mamari, Acting CEO of OQ Alternative Energy, expressed that the project reinforces OQ’s status as a leading entity in renewable energy, aiming to enhance energy security and amplify the economic impact of transformation in the Omani energy sector.
Shaikha Hind bint Suhail Bahwan, Chairwoman of Al Khadra, stated, “The project will further strengthen Oman’s initiatives toward energy transformation and sustainable development, benefiting both the nation and its citizens.”
Lee Young-joo, CEO of Korea Midland Power Co., Ltd., added, “The development of the Ibri III Solar and Energy Storage project reflects Oman’s commitment to bolstering reliance on renewable energy sources. We eagerly anticipate collaborating to realize the objectives of Oman Vision 2040 and contribute to sustainable development in Oman.”
تحلیل ویژه از عمانت | بازار عمان را کشف کنید
The Ibri III Solar Power Project marks a pivotal step for Oman’s renewable energy landscape, promising enhanced energy security and alignment with چشمانداز عمان ۲۰۴۰. Businesses should seize opportunities in the expanding clean energy sector, while potential سرمایهگذاران must consider the تقاضای روزافزون برای راهحلهای پایدار as Oman aims to boost renewable energy contributions significantly. Meanwhile, کارآفرینان should explore partnerships within this burgeoning market to capitalize on the anticipated economic and social development.
