A consortium composed of ACWA Power, Gulf Investment Corporation (GIC), and Alternative Energy Projects Co. (AEPCo) has signed an agreement for the development of Ibri-2 Independent Power Producer (IPP) with the Oman Power and Water Procurement Company (OPWP). The project, to be developed on a BOO (build, own, operate) basis, includes the development, finance, construction and operation of the 500 MWac solar PV power plant. The project will be located around 300 km west of Muscat, and will contribute toward increasing power supplies in the country.
OPWP awarded the project to the consortium following an international competitive tendering process that included 12 bidders. The winning consortium submitted the best economic tariff for the electricity that will be sold to OPWP. 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 percent.
The project will be the first utility scale solar power project in Oman and will utilize Solar PV technology to yield 500MWac of power. At peak generation capacity, the plant output will be enough to supply an estimated 33,000 homes with electricity and will offset 340,000 tons of carbon dioxide emissions a year.