ACWA Power eyes further investment in Omani green energy projects
Value proposition: Renewable resources, geographical location underscore Sultanate of Oman’s investment appeal
Published: 02:01 PM,Jan 25,2022 | EDITED : 06:01 PM,Jan 25,2022
Leading Saudi-based international energy developer ACWA Power says it will continue to explore avenues to invest in the Sultanate of Oman’s diversifying power generation sector, notably the country’s nascent green hydrogen space.
On Monday, a consortium led by ACWA Power celebrated the official launch of the Sultanate of Oman’s biggest utility-scale solar power project at Ibri in Al Dhahirah Governorate. The 500 MW capacity solar photovoltaic-based scheme, set up with an investment of around $417 million (approx. RO 155 million), represents a highpoint in the Saudi firm’s longstanding investment in the Omani energy sector, aggregating $2.6 billion over the past decade.
Speaking to journalists on the sidelines of Monday’s launch of the Ibri-2 Solar PV Project in Ibri, ACWA Power Chairman Mohammad Abunayyan (pictured) said the Sultanate of Oman, with its abundant renewable natural resources, makes it a promising investment destination for renewable energy projects.
He cited in this regard last month’s signing of a Memorandum of Understanding by ACWA Power with OQ, the integrated energy group of the Sultanate of Oman, and US-based Air Products, to explore the feasibility of establishing a green hydrogen project in Dhofar Governorate in the south of the country. The MoU was signed against the backdrop of the visit of the Saudi Crown Prince Mohammed bin Salman to the Sultanate of Oman. It covers the study of a potential hydrogen project with a capacity to produce 1 million tonnes per annum of green ammonia.
“We are now working diligently to go through the economics, the technical (aspects) etc, to be sure we will be ready when the time comes to announce it,” Abunayyan said. “It’s very promising! Oman has great renewable sources and a great location. As it has been doing with gas exports, Oman will also export green hydrogen and will lead the whole world after Saudi Arabia, which is also blessed with resources.”
He further added: “We have great connectivity at the leadership level and we have a clear mandate to put more investment and to make it more economical for both countries and to benefit the peoples of two countries.”
As one of the biggest international investors in the Sultanate of Oman’s power generation and water desalination sectors, ACWA Power also has stakes in the following projects (in alphabetical order): Barka 1 Independent Water Project (IWP) Expansion; Barka 1 IWP (Expansion Phase II; Barka Independent Water and Power Project (IWPP); Ibri Independent Power Project (IPP); Salalah – 2 IPP; Salalah IWP; and Sohar – 3 IPP.
Asked about ACWA Power’s plans to bid for the mega 1000 MW capacity solar scheme planned at Manah in Al Dakhiliya Governorate, the Chairman stated: “We will compete in every project coming up in Oman.”
@conradprabhu
On Monday, a consortium led by ACWA Power celebrated the official launch of the Sultanate of Oman’s biggest utility-scale solar power project at Ibri in Al Dhahirah Governorate. The 500 MW capacity solar photovoltaic-based scheme, set up with an investment of around $417 million (approx. RO 155 million), represents a highpoint in the Saudi firm’s longstanding investment in the Omani energy sector, aggregating $2.6 billion over the past decade.
Speaking to journalists on the sidelines of Monday’s launch of the Ibri-2 Solar PV Project in Ibri, ACWA Power Chairman Mohammad Abunayyan (pictured) said the Sultanate of Oman, with its abundant renewable natural resources, makes it a promising investment destination for renewable energy projects.
He cited in this regard last month’s signing of a Memorandum of Understanding by ACWA Power with OQ, the integrated energy group of the Sultanate of Oman, and US-based Air Products, to explore the feasibility of establishing a green hydrogen project in Dhofar Governorate in the south of the country. The MoU was signed against the backdrop of the visit of the Saudi Crown Prince Mohammed bin Salman to the Sultanate of Oman. It covers the study of a potential hydrogen project with a capacity to produce 1 million tonnes per annum of green ammonia.
“We are now working diligently to go through the economics, the technical (aspects) etc, to be sure we will be ready when the time comes to announce it,” Abunayyan said. “It’s very promising! Oman has great renewable sources and a great location. As it has been doing with gas exports, Oman will also export green hydrogen and will lead the whole world after Saudi Arabia, which is also blessed with resources.”
He further added: “We have great connectivity at the leadership level and we have a clear mandate to put more investment and to make it more economical for both countries and to benefit the peoples of two countries.”
As one of the biggest international investors in the Sultanate of Oman’s power generation and water desalination sectors, ACWA Power also has stakes in the following projects (in alphabetical order): Barka 1 Independent Water Project (IWP) Expansion; Barka 1 IWP (Expansion Phase II; Barka Independent Water and Power Project (IWPP); Ibri Independent Power Project (IPP); Salalah – 2 IPP; Salalah IWP; and Sohar – 3 IPP.
Asked about ACWA Power’s plans to bid for the mega 1000 MW capacity solar scheme planned at Manah in Al Dakhiliya Governorate, the Chairman stated: “We will compete in every project coming up in Oman.”
@conradprabhu