| Project Detail |
The Ibri II Solar PV Independent Power Plant Project (the Project) is a 500 mega-watt greenfield solar photovoltaics power plant in Ibri, Oman which is being developed by Shams Ad-Dhahira Generating Company SAOC (the Borrower), a special purpose vehicle incorporated under the laws of Oman. Oman Power and Water Procurement Co (OPWP) awarded the Project to the consortium led by International Company for Water and Power Projects (ACWA Power) following a detailed financial, technical and legal evaluation of bid proposals received through international competitive tender. The Project is implemented under Build, Own and Operate model under a bilateral arrangement of offtake by OPWP for 15 years from the Scheduled Commercial Operation Date on June 1, 2021. The Power Purchase Agreement was signed between OPWP and the Borrower on April 30, 2019. Objective The objectives of the Project are to: (a) increase the availability of the renewable power generation capacity and contribute to fill the anticipated gap in the peak demand; and (b) reduce the dependence on gas and other fossil fuels for electricity generation and move to a more balanced and environmentally sustainable energy mix. Expected Results The results of the Project will be measured through: (a) increase in renewable power generation capacity in the country (b) the delivery of electrical energy generated by the project (c) greenhouse gas emissions avoided by the Project |
