Acwa consortium reaches deal for $400mln Oman solar project – ZAWYA

Acwa consortium reaches deal for $400mln Oman solar project – ZAWYA

Saudi-based Acwa Power said its consortium with Gulf Investment Corporation (GIC) and Alternative Energy Projects Company (AEPC) has achieved the financial closure for the 500 MW Ibri II solar project in Oman.. This 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, it stated.. Chief Investment Officer Rajit Nanda said: "We are pleased to achieve a successful closing of another financing in Oman which is a key country for Acwa Power's operations in Middle East.". "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," he added.. On completion, the Ibri II project will utilise cutting-edge solar photovoltaic technology to generate 500 MW of renewable power..