Hybrid solar storage project financing options in Oman 2025

Why did the Sultanate of Oman buy a solar project?

The Company earlier notified that, the procurement of this solar project is part of the Sultanate of Oman’s government policy to diversify energy resources to meet the growing demand for electricity.

Will Oman install a 280 MW solar plant in 2022?

It will be located alongside the existing 500 MW Ibri II solar project, which was inaugurated in January 2022 after a 13-month construction period. PWP launched its fourth solar tender, for a 280 MW plant, last December. According to the International Renewable Energy Agency (IRENA), Oman had installed 672 MW of solar by the end of 2023.

How many MW of solar is installed in Oman?

According to the International Renewable Energy Agency (IRENA), Oman had installed 672 MW of solar by the end of 2023. Towards the end of last year, Sembcorp Utilities began commercial operations at a 588 MW solar plant in northeastern Oman more than four months ahead of schedule. A 20-year power purchase agreement is in place with PWP.

Will Oman's Nama Power & Water Procurement co develop a 500 MW solar project?

Oman’s Nama Power and Water Procurement Co. received four bids from companies and consortia looking to develop the 500 MW solar project in Ibri, northwestern Oman. Image: Ahmed Nasser, Unsplash.

Which energy companies are preparing a bid for a solar power plant?

A consortium of Abu Dhabi Future Energy Company (Masdar), Korea Midland Power (KOMIPO) and Al Khadra Partners makes up the first listed bid, while a partnership between ACWA Power and TotalEnergies Renewables forms the second bid.