Saudi Arabia’s ACWA Power announced in a statement that, it has achieved the financial closure for the Ibri II solar photovoltaic, PV Independent Power Project (IPP)
The project location is around 300km west of Muscat.
The output of Ibri II solar PV project is 500 MWac, which is considered as the largest utility scale solar plant in Oman.
The project to be developed on a BOO (build, own, operate) basis, will utilize cutting-edge Solar Photovoltaic Technology to generate 500 MWac of renewable power.
The consortium of the project consist of ACWA Power, Gulf Investment Corporation (GIC) and Alternative Energy Projects Co. (AEPCo).
The $ 400 million project will be funded on a debt to equity ratio of 70:30. A syndicate of six international and local lenders, will provide the $275 million senior debt. The mandated lead banks including Asian Infrastructure Investment Bank (AIIB), Bank Muscat, Riyad Bank, Siemens Bank, Standard Chartered Bank and Warba Bank, helped structure the largest utility scale solar PV project in Oman on a 16.5 year door-to-door tenor.
This deal also represents the first renewable energy financing in Oman as well as the GCC region by AIIB, the Beijing headquartered international multilateral development bank.
At peak generation capacity, the plant output will be enough to supply an estimated 33,000 homes with electricity and will offset 340,000 tonnes of carbon dioxide emissions a year.
The term of the offtake contract for the project will be 15 years from the commercial operations date.(read more)
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.
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