Developers secure financing for 500MW solar project in Oman

first_imgDevelopers secure financing for 500MW solar project in Oman FacebookTwitterLinkedInEmailPrint分享ReNews.biz:A consortium consisting of ACWA Power, GIC and AEPC has achieved financial closure for its 500MW solar PV Independent Power Project (IPP), the largest utility-scale solar plant in the sultanate of Oman. The $400m project will be funded on a debt to equity ratio of 70:30. A syndicate of six international and local lenders will provide the $275m senior debt.The mandated lead banks, including Asian Infrastructure Investment Bank (AIIB), Bank Muscat, Riyad Bank, Siemens Bank, Standard Chartered Bank and Warba Bank, helped structure the project in Oman on a 16.5-year door-to-door tenure. The deal represents the first renewable energy financing of its kind in Oman by AIIB, the Beijing headquartered international multilateral development bank.The 500 MWac Ibri 2 solar project based in Ibri will be Oman’s largest utility-scale solar PV Independent Power Project to date.At peak generation capacity, the plant output will be enough to supply an estimated 33,000 homes with electricity and will offset 340,000 tonnes of carbon dioxide emissions a year. The term of the offtake contract for the project will be 15 years from the commercial operations date.More: Finance milestone for 500MW Oman solar giantlast_img