Deal sees $2bn solar development for Oman

400MW project will see Oman at forefront of MENA solar development

$2bn solar project in Oman to see Sultanate at forefront of development. (Getty Images)
$2bn solar project in Oman to see Sultanate at forefront of development. (Getty Images)

Terra Nex Financial Engineering AG Switzerland, in collaboration with Middle East Best Select (MEBS) Group of Funds, has announced its plans for a $2bn project to develop solar power resources within the Sultanate of Oman.
Terra Nex, a Swiss licensed and global wealth management company that is specialised in identifying and developing investment opportunities in the Middle East, has developed an integrated solar energy project consisting of the local implementation of the entire value chain in the renewable energy sector.
Solar power electricity generation stations are central to the project. The project aims to generate approximately 400MW. Industrial plants to manufacture the solar panels and aluminium frames to be used by the power station will also be established for local consumption and export.
Knowledge and technology transfer is another critical aspect to the success of this project. The project aims to tie up with major international technology companies and international universities with expertise in renewable energy education, to help train the local population in service this bourgeoning industry.
Shaikh Hilal bin Khalid bin Nasser al Maawali, local partner to Terra Nex and MEBS, who has helped direct the project in Oman, commented, "This is great beginning for 2012 for Oman. With a major USD 2 billion international investment strong indication of commitment coming to Oman so early in the year, we have yet again highlighted the potential for attractive investment in the Sultanate."
"This project touches so many aspects of Omani society - from economic growth to energy generation; from industrial diversification to education and jobs creation; from optimum utilization of natural resources to technological innovation - the chance for exponential growth is all but definitive," added Shaikh Hilal.
David Heimhofer, Chairman of Terra Nex and Managing Director of MEBS Group said, "Oman's stable business environment and pro-environmental policies makes the Sultanate a natural partner to this project. The government's aim to produce 10% of its energy needs from renewable energy resources by 2020 is laudable. And this project will go a long way in making that vision a reality."


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