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Oman: Ibri II 500MW Solar PV Independent Power Plant Project

SUMMARY

STATUS
Approved
MEMBER
Oman
SECTOR
Energy
E&S CATEGORY
Category B
PROJECT NUMBER
000297

FINANCING

PROJECT TYPE
Stand-alone
APPROVED FUNDING
USD60 million
FINANCING TYPE
Nonsovereign

TIMELINE

CONCEPT REVIEW
May 2019
APPRAISAL REVIEW/FINAL REVIEW
February 11, 2020
FINANCING APPROVAL
March 16, 2020

OBJECTIVE

The objectives of the Project are to:

(a) increase the availability of the renewable power generation capacity and improve the balance between supply and demand during the peak hours in Oman’s Main Interconnected System grid which serves Muscat and northern Oman.

(b) reduce the dependence on gas and other fossil fuels for electricity generation and move to a more balanced and environmentally sustainable energy mix.

DESCRIPTION

The Ibri II Solar PV Independent Power Plant Project (the Project) is a 500 mega-watt greenfield solar photovoltaics power plant in Ibri, Oman which is being developed by Shams Ad-Dhahira Generating Company SAOC (the Borrower), a special purpose vehicle incorporated under the laws of Oman.

Oman Power and Water Procurement Co (OPWP) awarded the Project to the consortium led by International Company for Water and Power Projects (ACWA Power) following a detailed financial, technical and legal evaluation of bid proposals received through international competitive tender. The Project is implemented under Build, Own and Operate model under a bilateral arrangement of offtake by OPWP for 15 years from the Scheduled Commercial Operation Date on June 1, 2021. The Power Purchase Agreement was signed between OPWP and the Borrower on April 30, 2019. 

PROJECT FINANCING

For more information about project financing, please review the project summary.

ENVIRONMENTAL AND SOCIAL INFORMATION

AIIB’s Environmental and Social Policy (ESP) is applicable to this Project. The Company commissioned the preparation of an Environmental and Social Impact Assessment (ESIA), an Environmental and Social Management Plan (ESMP) and a Stakeholder Engagement Plan (SEP) as per Environmental and Social Standard (ESS) 1 – Environmental and Social Assessment and Management, and a Resettlement Action Plan (RAP) in accordance with ESS 2 – Involuntary Resettlement. The Project is placed in Category B due to the limited number of potentially adverse environmental and social impacts, none of which are unprecedented or irreversible, and all of which can be successfully managed using good practice in an operational setting, as confirmed by the Project Team’s field visit and review of the environmental and social (E&S) documentation prepared for the Project. 

PROJECT TEAM LEADER

Seung Myun Lee

Senior Private Sector Operations Specialist

sean.lee@aiib.org

 

BORROWER

Neeraj K. Nishad

Project Manager

nknishad@acwapower.com

 

IMPLEMENTING ENTITY

N/A

 

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