Kuwait-Saudi consortium bags $400mn PV solar plant bid in Oman
The project includes the construction, ownership, and operation of a 500 MW independent power project
Oman Power and Water Procurement Co (OPWP) has awarded a tender for the 500MW Ibri II Solar Independent Power Project (IPP) to a consortium led by Saudi Arabia-based ACWA Power.
Ibri II Solar IPP is the largest and first utility-scale solar project in Oman.
OPWP conducted a competitive tendering process for the project and received bid proposals from three bidders, including a consortium led by Abu Dhabi Future Energy Co (Masdar), a consortium led by Japan’s Marubeni Corporation and a consortium led by ACWA Power.
The conditionally winning consortium – comprising ACWA Power, Kuwait-based Gulf Investment Corporation and Kuwait-based Alternative Energy Projects Co – was selected following a detailed financial, technical and legal evaluation of bid proposals.
“The globally competitive nature of bid proposals received by OPWP for this tender assures strong interest from global and regional developers in the renewable power sector in Oman going forward,” said Yaqoob Saif al Kiyumi, CEO, OPWP.
The estimated project cost for Ibri II Solar IPP is over US$400mn and the project will be built, owned and operated by the winning consortium. The project will be commercially operational by June 2021, Kiyumi added.
With a peak generation capacity of 500MW, the Ibri II Solar IPP plant output will be enough to supply an estimated 33,000 homes with electricity and will offset 340,000 tonnes of CO2 emissions a year.