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AIIB Offers $60mn Loan for 500 MW Solar Project at Ibri, Oman

The Asian Infrastructure Investment Bank (AIIB), a multilateral development bank, has offered a loan of $60 million for a 500 MW solar project in Oman. The independent power project is located at Ibri.

 

The total cost of the project is expected to be $400 million. The solar project is being developed by Shams Ad-Dhahira Generating Company. The commercial operation date of the project has been scheduled for June 1, 2021.

 

Oman Power and Water Procurement Co (OPWP) awarded the project to a consortium led by International Company for Water and Power Projects (ACWA Power). The other sponsors are the Gulf Investment Corporation (GIC) and Alternative Energy Projects Corporation (APEC).

 

The project is being implemented on a build, own and operate model under a bilateral offtake arrangement by OPWP for 15 years.

 

The primary objectives of the project are to increase the availability of renewable power generation capacity, contribute to fill the gap in the peak demand, and reduce the dependence on gas and other fossil fuels for electricity generation. The results of the project will be measured through an increase in renewable power generation capacity in the country, delivery of electrical energy generated by the project, and greenhouse gas emissions provided by the project.

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