Muscat: Nama Power and Water Procurement (PWP) has signed an agreement for the development of the Sultanate of Oman’s first utility-scale solar and battery storage project. The project will be developed by a consortium that includes Abu Dhabi Future Energy Company PJSC – Masdar, Al Khadra Partners, Korea Midland Power Co. Ltd (KOMIPO), and OQ Alternative Energy (OQAE), with an investment of RO 115 million.
According to Oman News Agency, Masdar, a global leader in clean energy, will spearhead the development of the Ibri III Solar Independent Power Project. This project will integrate a 500-megawatt (MW) photovoltaic (PV) plant with a 100-megawatt-hour (MWh) battery energy storage system (BESS). The scope of the project encompasses the design, construction, ownership, financing, operation, and maintenance of both the plant and storage system.
The signing ceremony for the power purchase agreement (PPA) was conducted under the patronage of Eng. Salim Nasser Al Aufi, Minister of Energy and Minerals. He emphasized the project’s significance as a pivotal step in Oman’s renewable energy transition. Designed to cover an area of nearly 10 million square meters, the Ibri III project will contribute to the Sultanate’s goals of achieving Oman Vision 2040 and reaching Net Zero by 2050.
With an investment of around RO 115 million, this initiative is set to reduce carbon dioxide emissions by approximately 505,000 tonnes annually and contribute an additional 4 percent of renewable energy to Oman’s total electricity generation mix. The project represents a technical and economic milestone in renewable energy and supports Oman’s aspirations of becoming a regional hub for clean energy.
Mohammed Jameel Al Ramahi, CEO of Masdar, highlighted the project’s potential to address current energy needs, create new jobs, and drive socioeconomic growth in Oman. He expressed optimism about collaborating with Nama Power and Water Procurement and the Omani government to deliver sustainable and secure energy to the nation.
The Ibri III project is integral to Oman’s strategy to diversify energy resources to meet increasing electricity demand. It aligns with the target set in Oman Vision 2040 to generate 30 percent of electricity from renewable sources by 2030. Once operational, the project will produce enough electricity to power approximately 33,000 homes, while significantly cutting carbon emissions.
Eng. Abdullah Rashid Al Sawafi, PWP’s Chief Energy Transition Officer, stated that Nama Power and Water Procurement is a pioneer in public-private partnerships, having developed 26 power generation and water desalination plants over the past 15 years. The company aims to attract USD 5 billion in foreign investments over the next five years, with renewable energy and storage technologies accounting for a significant portion.
Ghalib Al Maamari, Acting CEO of OQAE, affirmed OQAE’s commitment to participating in renewable energy projects for the national grid, enhancing energy security, and maximizing the economic impact of Oman’s energy transition.
Sheikha Hind Bahwan, Chairperson of Al Khadra Partners, expressed delight in being part of the transformative project, reinforcing Oman’s leadership in the energy transition and creating lasting environmental and economic value.
Lee Young-jo, CEO of KOMIPO, expressed honor in participating in the Ibri III project, which demonstrates Oman’s dedication to expanding renewable energy. KOMIPO will leverage its global expertise to contribute to the project’s success and support the realization of Oman Vision 2040.