Muscat – Nama Power and Water Procurement (PWP) signed an agreement on Monday with a consortium led by Masdar to develop Oman’s first utility-scale solar and battery storage project with an investment of RO115mn.

The Ibri III Solar Independent Power Project will combine a 500MW photovoltaic plant with a 100MWh battery energy storage system. 

The consortium includes Abu Dhabi Future Energy Company (Masdar), Al Khadra Partners, Korea Midland Power (KOMIPO) and OQ Alternative Energy (OQAE). 

The signing ceremony of the power purchase agreement was held under the auspices of H E Salim Nasser al Aufi, Minister of Energy and Minerals. He described the project as a milestone in the sultanate’s transition towards renewable energy. 

Covering an area of nearly 10mn sqm, the plant will reduce carbon dioxide emissions by about 505,000 tonnes annually and add around 4% of renewable energy to the total electricity generation mix. 

“The investment reflects the confidence of partners and investors in Oman’s business environment and sends a clear message that the country is steadily advancing towards a sustainable future built on energy diversification, enhanced security and increased competitiveness,” he said. 

Ahmed Salim al Abri, CEO of PWP, said the project underlines the company’s commitment to renewable energy and represents a model of public–private cooperation. He informed that it will contribute to a sustainable economic and social future while supporting in-country value through opportunities for SMEs and local contractors.

Once operational, the Ibri III project will produce enough electricity to power around 33,000 homes, supporting Oman’s target of generating 30% of electricity from renewables by 2030 and its ambition to reach net zero by 2050.

Mohammed Jameel al Ramahi, CEO of Masdar, stated that the project will address Oman’s current energy needs while creating jobs, driving socio-economic growth and preparing for the growing demands of tomorrow. 

Abdullah Rashid al Sawafi, Chief Energy Transition Officer of PWP, added that the company aims to attract US$5bn in foreign investment in the next five years, with renewable energy and storage projects representing the largest share. By 2030, PWP plans to add up to 9GW of renewable capacity, representing about 60% of contracted capacities.

The consortium partners welcomed the agreement, with Ghalib al Maamari, Acting CEO of OQAE, saying it reinforces his company’s role as Oman’s renewable energy champion. Sheikha Hind Bahwan, Chairperson of Al Khadra Partners, said the project will boost Oman’s leadership in energy transition and create lasting environmental and economic value. 

According to Lee Young-jo, CEO of KOMIPO, his company will bring global expertise to ensure the project’s success and contribute to Oman Vision 2040.

Highlights 

Developed by consortium of Masdar, Al Khadra Partners, KOMIPO and OQ Alternative Energy

500MW photovoltaic plant with 100MWh battery storage 

10mn sqm area, powering around 33,000 homes

CO₂ emissions cut by 505,000 tonnes annually

Adds 4% renewable energy to national electricity mix

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