Oman Invites Bids to Develop 500 MW Ibri III Solar Project

The last day to submit the bids is February 19, 2024


Nama Power and Water Procurement (PWP), Oman’s national power and water procurement company, has issued a request for qualification to develop the 500 MW Ibri III solar power project in partnership with the private sector.

The cost of the tender document is OMR350 (~$909), which must be purchased by January 20, 2024.

The last day to submit the bids is February 19, 2024.

The proposed Ibri III solar project is planned to be constructed in Al Dhahirah Governorate.

The project is estimated to cost approximately OMR155 million (~$402.66 million). Its scheduled commercial operation date is anticipated by the fourth quarter of 2026.

Ibri III Solar is expected to augment PWP’s yearly contribution to the country’s renewable energy capacity, aiming for 1.5 TWh, and contribute significantly to the Net Zero objective. The project is anticipated to result in a reduction of 505,000 tons of CO2 emissions per year when operating at full capacity.

Ibri-II was won by a consortium composed of ACWA Power, Gulf Investment Corporation (GIC), and Alternative Energy Projects Company (AEPC) in agreement with the Oman Power and Water Procurement Company. ACWA Power was the lead investor in the project with 50%, whereas GIC had a 40% stake, and AEPC controlled the remaining 10%.

In 2020, ACWA Power, GIC, and AEPC achieved the $400 million financial closure for the 500 MW Ibri II solar independent power project. The project was funded on a debt-to-equity ratio of 70:30.

In February 2020, Mercom reported that the Asian Infrastructure Investment Bank offered a loan of $60 million (~₹4.3 billion) for a 500 MW solar project located at Ibri.

In October, Telecommunications Consultants India invited bids for the development of solar power projects of 20 MW at Muscat International Airport and 6 MW at Salalah Airport in Oman on an asset lease basis for a fixed tenure.