ACWA Power signed contract to build 500 MW PV project in Oman
Post date: 06/05/2019 - 19:14
A consortium composed of ACWA Power, Gulf Investment Corporation (GIC), and Alternative Energy Projects Co. (AEPCo) has executed the project agreements for the development of »Ibri-2« PV project with the Oman Power and Water Procurement Company (OPWP) as the offtaker of the electricity. The project, to be developed on a build, own, operate basis, includes the development, finance, construction, and operation of the 500 MWac solar plant. The project will be located around 300 km west of Muscat.
OPWP awarded the project to the winning consortium following an international competitive tendering process that included 12 qualified bidders. Saudi ACWA Power is the lead investor in the project with a 50 percent stake, whereas GIC will have a 40 percent stake and AEPC will control the remaining 10 per cent. According to the company, the project will be the first utility scale solar power project in Oman.