Saudi’s ACWA wins deal for major Oman power project

      Published on Friday, 20 May , 2016      156 Views     

Oman Power and Water Procurement Company has announced that a consortium including Saudi-based ACWA Power has been awarded the 3,219MW Ibri Sohar-3 power generation project, which is the largest single tendered independent power project in the sultanate.

The consortium, which is led by Mitsui & Co Ltd, and also includes Dhofar International Development and Investment Holding Co, will develop two natural gas-fired combined cycle power plants of 1,509MW and 1,710MW each.

Once commercially operational in early 2019, the plants will supply approximately 30 percent of electricity demand in Oman.

Mitsui is the lead investor and the managing member of the project, owning 50.1 percent of the project, with ACWA Power having a further 44.9 percent and DIDIC having 5 percent, a statement said.

Both plants will be owned and operated under a 15-year power purchase agreement with OPWP and will be connected to the main grid.

Paddy Padmanathan, president and CEO of ACWA Power, said: “Demand for electric power in the sultanate is increasing at a rapid pace so these projects are essential to provide reliable and efficient power to drive economic growth and development.

“This is our fifth project in the sultanate of Oman, and in conjunction with our consortium partners we’re committed to meeting the target commissioning dates set out in the agreements.”

ACWA Power has operations in 12 countries across three continents, including Oman, Saudi Arabia, the UAE, South Africa, Egypt, Morocco, Jordan, Mozambique, Turkey and Vietnam. Last year saw the company close project financing of eight IPP projects with a total capacity of 1,650MW, including a total of 770MW for renewable energy projects at a total project cost of $5 billion.

Category Gulf Business, Oman Business | 2016/05/20 latest update at 7:00 PM
Source : | Photocredit :
Comments Add comment

БГ Медия - Медия за Българите в Лондон
Bulgarian Business Club

Related Articles

The editorial staff of Bulgarian Business Club would like to give all of its readers from Bulgaria and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Bulgarian Business Club with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter or use our RSS feed channel to always read the most important news about Bulgaria.

Sponsored Publications