Beijing, China, March 26, 2020

AIIB’s USD60-M Solar Investment in Oman Supports Diversified Energy Mix

The Asian Infrastructure Investment Bank’s (AIIB) Board of Directors has approved a USD60-million loan to increase Oman’s renewable power generation capacity and reduce the country’s dependence on gas and other fossil fuels for electricity generation. This is AIIB’s first nonsovereign-backed financing in the country’s renewable energy sector.

The project is a 500-megawatt greenfield solar photovoltaic power plant in Ibri being developed by a special purpose company established by ACWA Power, Gulf Investment Corporation and Alternative Energy Projects Co. It is Oman’s first utility-scale renewable energy project to be connected to the grid. The total project cost is approximately USD400 million.

Oman’s sustained economic and population growth over the past decade has led to fast-growing electricity demand and put a strain on the existing power infrastructure. The country has one of the highest solar densities in the world, providing a great development potential for solar energy resources. Currently, almost all the installed electricity capacity in Oman is fueled by natural gas, leaving huge potential for renewable energy.

“AIIB’s investment will increase the availability of Oman’s renewable power generation capacity and contribute to filling the anticipated gap in peak demand,” said AIIB Vice President D.J. Pandian. “The project will also help the country move toward a more balanced and environmentally sustainable energy mix to ensure long-term energy sustainability.”

The project is in line with AIIB’s energy sector strategy in reducing the carbon intensity of energy supply and catalyzing private capital investment in renewable energy infrastructure. AIIB’s involvement will ensure the use of high environmental and social standards in the project.

About AIIB

The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia. Headquartered in Beijing, we began operations in January 2016 and have now grown to 102 approved members worldwide. By investing in sustainable infrastructure and other productive sectors in Asia and beyond, we will better connect people, services and markets that over time will impact the lives of billions and build a better future.

 

Logos for Download

AIIB logo is available in JPEG and PDF format.

DOWNLOAD

Media Contact

Lingxiao He

Press Officer

+86 10 8358 0683

SEND AN EMAIL
More News Articles

Beijing, July 11, 2025

AIIB Achieves Record Demand and Broad Investor Participation in Latest Panda Bond

The Asian Infrastructure Investment Bank (AIIB, Aaa/AAA/AAA) has successfully returned to China’s onshore bond market with its first 2-year Panda Bond, raising CNY2 billion and achieving record demand and investor diversification.

READ MORE

Beijing, July 11, 2025

AIIB Appoints Kaisu Christie as Vice President and Chief Administration Officer

The Asian Infrastructure Investment Bank (AIIB) has appointed Kaisu Christie as Vice President and Chief Administration Officer (VPCAO), effective July 2025. Christie will lead AIIB’s Human Resources, Information Technology and Facilities and Administration Services departments, driving the Bank’s strategic objectives through operational excellence and innovation.

READ MORE

Beijing, July 09, 2025

AIIB Appoints Kim-See Lim as Chief Investment Officer, Public Sector (Region 1) and Financial Institutions and Funds (Global) Clients

The Asian Infrastructure Investment Bank (AIIB) has appointed Kim-See Lim as Chief Investment Officer, Public Sector (Region 1) and Financial Institutions and Funds (Global) Clients, effective July 2025. Lim will play a leading part in ensuring alignment with AIIB’s corporate strategy and strengthening client engagement across the bank.

READ MORE

Beijing, July 09, 2025

AIIB Commits USD100 Million to IIFL Home Finance to Enhance Access to Affordable Housing Finance in India

The Asian Infrastructure Investment Bank (AIIB) has signed a USD100-million (in equivalent Indian Rupees) facility with IIFL Home Finance Limited (IIFLHF) to improve financial access to affordable housing in India, specifically targeting the economically weaker sections (EWSs) and low-income groups (LIGs). This investment will also promote green building practices aligned with India’s climate goals.

READ MORE