02 May 2019
Oman Power and Water Procurement Company (OPWP) has signed project agreements with the consortium of ACWA Power, Gulf Investment Corporation (GIC) and Alternative Energy Projects Co (AEPCo) to develop the 500 megawatt (MW) Ibri-2 solar photovoltaic (PV) Independent Power Plant (IPP), it was announced on Thursday.
A joint statement by ACWA Power, GIC and AEPCo said the project would be the first utility-scale solar power project in Oman, and would be developed on a BOO (build, own, operate) basis.
The statement didn't disclose the tariff but said OPWP awarded the project to the winning consortium following an international competitive tendering process that included 12 qualified bidders.
ACWA Power is the lead investor in the project with a 50 per cent stake, followed by GIC with 40 percent and AEPCo with 10 percent, the statement added.
In March, local English language newspaper Muscat Daily reported that the estimated cost for Ibri II Solar IPP is over $400 million, quoting OPWP CEO Yaqoob Saif al Kiyumi.
The report said the project would commence commercial operations in June 2021.
(Writing by Anoop Menon; Editing by Michael Fahy)
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