OQAE targets FID on 2 GW of renewables by year-end

MUSCAT, DEC 3
OQ Alternative Energy (OQAE) — the clean-energy investment arm of OQ Group — expects to reach Final Investment Decisions (FID) on new renewable energy projects of around 2 gigawatt capacity before the end of this year — part of a sizable portfolio of investments to support Oman’s decarbonisation goals.
This upcoming capacity, mainly solar PV, builds on three renewable projects that recently entered construction within Petroleum Development Oman’s (PDO) Block 6 concession.
Branded as the ‘Rawafid Projects’, they include the Riyah-1 and Riyah-2 wind farms at PDO’s Amin and West Nimr fields in the south and the North Solar plant at Saih Nihaydah in northern Oman. Renewable power from the 234 MW wind farms and the 105 MWAC solar plant will be supplied to PDO under long-term Power Purchase Agreements (PPAs), with OQAE (51%) and TotalEnergies Renouvelables (49%) jointly developing and operating the assets.
According to Eng Ghalib al Maamari, Acting CEO of OQ Alternative Energy, the pace of renewable-energy investment is accelerating in line with the company’s national mandate.
Speaking at the Green Hydrogen Summit Oman (GHSO) earlier this week, he said: “OQ Alternative Energy has been tasked with two main roles. First, we are the National Champion for developing renewable projects in the country for industrial or direct sales — essentially B2B agreements. We already have projects under execution and by the end of 2030 we anticipate our portfolio will exceed 10 gigawatts (GW).

That is a huge, fast-track development for a company that only started a year ago with zero investments. By the end of this year, we will be FID-ing close to 2 GW. This is a major accomplishment made possible with the support of government stakeholders”.
OQAE also plays a pivotal role in advancing Oman’s green hydrogen industry. “We are the co-developer of three large-scale projects with international partners and we value these partnerships highly”, Eng Al Maamari noted.
“Our role in green hydrogen is multifold. We are an active commercial entity aiming to develop projects that return value to our shareholder — the state of Oman. At the same time, we carry a national agenda. Green hydrogen is no longer a choice but a necessity for the future”.
He added that OQAE is committed to amplifying local content, generating employment for Omanis and supporting local industries to participate meaningfully in the green hydrogen value chain.
OQAE’s portfolio of renewable and green hydrogen projects includes the Sohar Renewable Energy Cluster in Al Batinah North Governorate (800+ MW), Block 9 Solar in Al Dhahirah Governorate (140 MW), Block 60 Solar at Bisat (35 MW), Marsa Solar (300 MW), HyPort Duqm, Green Energy Oman and Salalah H2.
“We are building very large, utility-scale renewable projects and we believe establishing this backbone will support the green hydrogen economy going forward. This is something we aspire to — and something already under execution”, Eng Al Maamari added.