Abu Dhabi-based Masdar has announced that along with consortium partners Al Khadra Partners, Korea Midland Power Company and OQ Alternative Energy, it has reached financial close for the $300-million Ibri III Solar IPP, the first utility-scale solar and battery storage project in Oman.

Ibri III, which is being developed for Nama Power and Water Procurement, will contribute to the Oman Vision 2040 goal of diversifying energy resources, including generating 30 per cent of electricity from renewables by 2030. 

Combining a 500 MW photovoltaic plant with a 100-megawatt-hour (MWh) battery energy storage system (BESS), it will produce enough electricity to power around 33,000 homes, while cutting 505,000 tonnes of carbon dioxide annually.

Masdar said financing has been secured through leading global financial institutions Natixis CIB and First Abu Dhabi Bank (FAB). 

The power purchase agreement (PPA) for the Ibri III project was signed in September. The scope includes design, construction, ownership, funding, operation and maintenance of the plant and storage system.

CEO Mohamed Jameel Al Ramahi said: “We see great potential for battery energy storage to expand renewable energy deployment, and we look forward to leveraging our expertise in BESS to deliver clean, secure power for the sultanate.”