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Abu Dhabi-based clean energy company Masdar announced on Friday that its consortium with Al Khadra Partners, Korea Midland Power Co. (KOMIPO) and OQ Alternative Energy (OQAE), has reached financial close on the Ibri III Solar Independent Power Project (IPP), Oman’s first utility-scale solar and battery storage development.
Project finance was secured from Natixis Corporate & Investment Banking (Natixis CIB) and First Abu Dhabi Bank (FAB), Masdar said in a press statement.
The statement didn't disclose the transaction details but said the facilities will cover a substantial part of the total project cost of around $300 million.
The power purchase agreement (PPA) for Ibri III, which combines a 500-megawatt (MW) photovoltaic (PV) plant with a 100-megawatt-hour (MWh) battery energy storage system (BESS), was signed in September 2025 with the offtaker Nama Power and Water Procurement (Nama), the statement noted.
The Engineering, Procurement and Construction (EPC) contract for the project was awarded in November 2025 to China Power Engineering Consulting Group International Engineering Co. (CPECC), a wholly owned subsidiary of Energy China (China Energy Engineering Group Co).
Oman Vision 2040 strategy aims to generate 30 percent of electricity from renewables by 2030.
(Writing by P Deol; Editing by Anoop Menon)
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