AIIB Sanctions $60 Million Loan for Solar Projects worth 500 MW in Oman

The project is a 500 megawatt (MW) greenfield solar photovoltaic power plant in Ibri being developed by a special purpose company established by ACWA Power, Gulf Investment Corporation and Alternative Energy Projects Co. It is Oman’s first utility-scale renewable energy project to be connected to the grid. The total project cost is approximately $400m

March 27, 2020. By News Bureau

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The Asian Infrastructure Investment Bank’s (AIIB) Board of Directors has announced that it has sanctioned a $60 million loan to surge the renewable power generation capacity in Oman to help reduce the country’s dependence on gas and other fossil fuels for electricity generation. This is financing institutions’ first non-sovereign-backed financing in the country’s renewable energy sector. The project is a 500 megawatt (MW) greenfield solar photovoltaic power plant in Ibri being developed by a special purpose company established by ACWA Power, Gulf Investment Corporation and Alternative Energy Projects Co. It is Oman’s first utility-scale renewable energy project to be connected to the grid. The total project cost is approximately USD 400 million.

Oman’s unrelenting economic and population growth over the past decade has led to fast-growing electricity demand and put a strain on the existing power infrastructure. The country has one of the highest solar densities in the world, providing a great development potential for solar energy resources. Currently, almost all the installed electricity capacity in Oman is fueled by natural gas, leaving huge potential for renewable energy.

“AIIB’s investment will increase the availability of Oman’s renewable power generation capacity and contribute to filling the anticipated gap in peak demand,” said AIIB Vice President D.J. Pandian. “The project will also help the country move toward a more balanced and environmentally sustainable energy mix to ensure long-term energy sustainability.”

The project is in line with AIIB’s energy sector strategy in reducing the carbon intensity of energy supply and catalyzing private capital investment in renewable energy infrastructure. Its involvement will ensure the use of high environmental and social standards in the project.

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