The consortium, which includes Kuwait-based groups Gulf Investment Corporation (GIC) and Alternative Energy Projects Company (AEPCo), has inked agreements for the development of Ibri-2 Independent Power Producer (IPP) with the Oman utility group OPWP.
As per the deal, the Acwa-led consortium will be developing the project on a BOO (build, own, operate) basis, including the development, finance, construction, and operation of the 500 MWac solar PV power plant.
Following an international competitive tendering process that included 12 qualified bidders, OPWP had awarded the project to the consortium for submitting the best economic tariff for the electricity that would be sold to the Omani utility firm, it added.
Acwa Power is the lead investor in the project with a 50 per cent stake, whereas GIC will have a 40 per cent stake and AEPC will control the remaining 10 per cent.
The project will be the first utility scale solar power project in Oman and will utilise solar PV technology to yield 500MWac of power. The innovative design of the plant will ensure the highest efficiency, reliability and availability standards for any comparable plant in the world, said the statement.
At peak generation capacity, the plant output will be enough to supply an estimated 33,000 homes with electricity and will offset 340,000 tonne of carbon dioxide emissions a year.
On the project win, Acwa Power President and CEO Paddy Padmanathan said: "We applaud the government of Oman for their ambitions related to renewable energy and diversifying the country’s power mix as evidenced by the scope of this project and its future potential in supporting the Sultanates economy."
"It is an honour to have been trusted with the delivery and operation of the Ibri II Solar PV IPP based on our reputation for winning world-record power projects with thebest tariffs as well as our expanding renewable portfolio and we look forward to collaborating with our partners and Omani stakeholders to successfully complete this project," he stated.
Rajit Nanda, the chief investment officer of Acwa Power, said: "Our winning bid for Ibri II Solar PV IPP is a continuation of the progress Acwa Power is making in developing and securing our clean energy footprint in the region."
"Being awarded this project is a sign of intent which reaffirms our steadfast commitment to renewable energy and also to Oman," he added.
Meshary Al Judaimi, the division head of financial services and utilities of GIC, said: "GIC is a successful co-developer of utilities projects in the GCC and with this project we are proud to develop alternative and clean utility-scale solar energy project in the GCC."
"Winning Ibri-II project reinforces GIC role in supporting private sector participation in the development of the GCC economies," he noted.
Dr Hassan Qassem from APECo said this project demonstrated the ability of GCC companies to compete with their international counterparts to provide competitive solution in renewable and sustainable energy.
"This project also demonstrated Oman’s long term vision in sourcing renewable energy and encouraging investment in the sector," he added.-TradeArabia News Service
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