The Asian Infrastructure Investment Bank (AIIB), a multilateral development bank with a mandate to support infrastructure development in the Asia-Pacific region, has revealed that it is studying a request for around $60 million in funding support from the developers of Omans first utility-scale solar PV project.
Shams Ad-Dhahira Generating Company SAOC, a consortium led by International Company for Water and Power Projects (ACWA Power), has been awarded a license to finance, develop and operate a 500 MW greenfield solar photovoltaic power plant in Ibri in Al Dhahirah Governorate in the west of the country.
The so-called Ibri II Solar PV Independent Power Plant Project is being implemented under a Power Purchase Agreement signed by the consortium with Oman Power and Water Procurement Company (OPWP) the sole buyer of electricity output in April 2019.
It named the borrower as Shams Ad-Dhahira Generating Company SAOC and the sponsors as International Company for Water and Power Projects (ACWA Power), Gulf Investment Corporation (GIC) and Alternative Energy Projects Co (AEPC).
Oman was one of 57 founding members of AIIB, which has since grown to 76 members as well as 26 prospective members from around the world.
Last April, a delegation from the Board of Directors of AIIB visited the Sultanate for talks with key officials from both the public and private sectors. They met with senior figures from the Ministry of Finance, Ministry of Transport, Special Economic Zone Authority Duqm (SEZAD), Supreme Council for Planning and Central Bank of Oman.
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