$275mln finance secured for Oman’s first solar PV project – ZAWYA

$275mln finance secured for Oman’s first solar PV project – ZAWYA

ACWA Power, along with project partners Gulf Investment Corporation (GIC) and the Alternative Energy Projects Co (AEPC), announced it had secured $275 million from six lenders to complete the finance for the $400 million 500MW Ibri II solar project, which will be funded on a 70:30, debt-to-equity basis.. Executives from the consortium behind Oman's largest solar project to date have spoken of the effort required to achieve financial closure for the project, given the financial battering markets are enduring during the COVID-19 pandemic.. ACWA Power said the deal also represents the first renewable energy financing in Oman as well as the GCC region by AIIB, the Beijing headquartered international multilateral development bank.. The project which is the largest utility scale Solar PV project in Oman, will also be the first renewable energy financing for AIIB in the GCC region, paving the way for a stronger partnership with the Beijing based international multilateral bank in the future," said Rajit Nanda, chief investment officer for developer partner ACWA Power, in a press release issued to announce financial closure of project funding..