A consortium comprising Saudi Arabia's ACWA Power, Kuwait's Gulf Investment Corporation (GIC) and Alternative Energy Projects Company (AEPC) has reached financial close for the 500 MW Ibri-2 solar PV project, located in Ibri (Oman). A group of six banks, comprising the Asian Infrastructure Investment Bank (AIIB), Bank Muscat, Riyad Bank, Siemens Bank, Standard Chartered Bank and Warba Bank will lend US$275m to fund the US$400m project (debt to equity ratio of around 70:30).
In March 2019, the consortium won a US$400m bid to build the 500 MW Ibri-2 solar project for the Omanese state-held power utility OPWP (Oman Power and Water Procurement Company). The project will be developed under the independent power project (IPP) model. The consortium will be responsible for the construction, ownership, and operation of the project, which is expected to start commercial operations in early 2021. The 500 MW solar project is part of Oman’s plans to diversify its fuel resources for power generation.