A consortium led by Abu Dhabi clean energy company Masdar has signed a power purchase agreement with Nama Power and Water Procurement and OQ Alternative Energy for Oman’s first utility-scale solar and battery storage project.
The Ibri III Independent Power Project will combine a 500-megawatt solar photovoltaic plant with a 100-megawatt-hour battery energy storage system (BESS).
The project, with an estimated investment of OMR 115 million ($299 million), is expected to generate electricity for around 33,000 homes and cut 505,000 tonnes of carbon emissions annually.
The consortium also includes Al Khadra Partners and Korea Midland Power Co. Ltd (KOMIPO).
The project scope covers design, construction, ownership, financing, and operation under a long-term agreement with Nama Power and Water Procurement.
The deal was signed in Muscat in the presence of H.E. Eng. Salim bin Nasser Al Aufi, Minister of Energy and Minerals, by Ahmed bin Salim Al Abri, CEO of PWP, Mohamed Jameel Al Ramahi, CEO of Masdar, Ghalib Al Maamari, Acting CEO of OQAE, Sheikha Hind Bahwan, Chairperson of Al Khadra Partners, and Lee Young-jo, CEO of KOMIPO.
The Ibri III project is central to Oman Vision 2040, which targets generating 30% of electricity from renewables by 2030 and achieving net zero by 2050.
Nama PWP plans to add 9 gigawatts of renewable capacity by 2030, accounting for 60% of contracted capacity.
“This strategic project embodies our commitment to Vision 2040 and net zero by 2050,” Minister Al Aufi said, calling it a model of Oman’s shift toward energy diversification and economic competitiveness.
Masdar CEO Mohamed Jameel Al Ramahi said the project would “support Oman’s economy, create jobs and prepare for the growing energy needs of tomorrow.”
