Oman Launches Its First 500MW Photovoltaic Power Plant Plus 100MWh Energy Storage Project

 

Oman launches its first 500MW photovoltaic power plant plus 100MWh energy storage project, with an investment of Omani riyal (ORR) 1.15 billion and an exemption from government guarantees.

 

The Ibri III Independent Solar Power Project, Oman's first large-scale integrated photovoltaic and storage project, recently signed a development agreement between Nama Power and Water Procurement Company and a consortium consisting of Abu Dhabi Future Energy's Masdar, Al Hadra Partnership, Korea Central Power Company, and Oman's national renewable energy company, Ok Alternative Energy. The project will construct a 500MW photovoltaic power plant and a 100MWh battery energy storage system. The scope of the project covers the entire process of design, construction, ownership, financing, and operation and maintenance.

 

The power purchase agreement was signed in Muscat in the presence of Minister of Energy and Minerals, Salim bin Nasser Al-Awfi. The project covers an area of ​​approximately 10 million square meters and has a total investment of approximately Omani riyal (ORR) 115 million. It is expected to reduce carbon dioxide emissions by 505,000 tons annually and increase the proportion of renewable energy generation in Oman by 4%. The Energy Minister emphasized that the project is a key initiative in achieving Oman's Vision 2040 and its 2050 net zero goal, enhancing energy security and solidifying Oman's position as a regional clean energy hub.

 

Ahmed bin Salim Al Abri, CEO of Naama Power and Water Procurement Company, noted that the project promotes the implementation of renewable energy technologies through a public-private partnership model and supports the development of small and medium-sized enterprises through localized value initiatives. Masdar CEO Mohammed Jameel Al Ramahi stated that upon commissioning, the project will meet the electricity needs of 33,000 households, contributing to the company's goal of 30% renewable energy generation by 2030. Naama has successfully developed 26 power generation and desalination projects over the past 15 years, attracting over $11 billion in foreign investment. The company plans to attract an additional $5 billion in investment over the next five years, with renewable energy and energy storage leading the way. The company expects to add 9 gigawatts of renewable energy capacity by 2030.