MUSCAT: Sembcorp Jinko Shine Co SAOC, a newly established company registered in the Sultanate of Oman to develop and operate a new solar Independent Power Project in the Wilayat of Manah (dubbed Manah II Solar IPP), has secured approval for its share capital to be listed on the Third Market of Muscat Stock Exchange (MSX).
Sembcorp Jinko Shine Co SAOC represents the partnership of Sembcorp Utilities (wholly owned subsidiary of leading Singapore headquartered energy and urban solutions company Sembcorp Industries) and Jinko Power Technology (well-known China-based clean energy supplier and service provider).
In May this year, the new joint venture signed an agreement with the Omani government, represented by Nama Power and Water Procurement (Nama PWP) – the sole national buyer of power and water output - to set up the 500 MW capacity Manah II Solar IPP in the Wilayat of Manah in Al Dakhiliyah Governorate.
Last week, following an administrative decision issued by MSX CEO Haitham al Salmi, Sembcorp Jinko Shine Co SAOC was listed on the bourse’s Third Market – a platform that enables small and emerging companies to publicly trade their shares, without being subject to the same stringent regulations that apply to companies listed on the primary stock exchange.
Just earlier, the Ministry of Commerce, Industry and Investment Promotion had issued a license to establish Sembcorp Jinko Shine Co with a share capital of RO 500,000 comprising 500,000 shares.
As part of its agreement with Nama PWP – member of Nama Group – Sembcorp Jinko Shine Co will build, own and operate the Manah Solar II IPP under a 20-year Power Purchase Agreement reached with Nama PWP. Construction work on the plant is expected to begin in earnest later this year, with the project slated to be operational in 2025.
Separately, Wadi Noor Solar Co is building a similar 500 MW capacity solar IPP (dubbed Manah 1 Solar IPP) adjoining Manah II Solar IPP. Wadi Noor Solar is a partnership of EDF Renewables Middle East, the regional arm of leading international energy giant EDF Renewables, and Korea Western Power Co Ltd (KOWEPO), a key player in South Korea’s power sector.
Total investment in Manah I and II, offering a combined capacity of 1000 MW, is about $800 million.
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