ACWA Power inaugurates Ibri 2, the first solar independent power project
Under the patronage of His Excellency Sayyid Hamoud bin Faisal al Busaidi, Omani Minister of Interior, and in the presence of His Excellency Eng. Khalid bin Abdulaziz Al-Falih, Saudi Minister of Investment, a consortium consisting of ACWA Power , Gulf Investment Corporation (“GIC”), and Alternative Energy Projects Co. (“AEPC”), today inaugurated Ibri 2, the first solar independent power project (IPP) to be launched under the country’s national renewable energy programme and connected to the main national grid. The consortium will produce renewable energy over a 15-year period for the Oman Power and Water Procurement Company (OPWP).
The project is a significant step towards achieving the Oman 2040 Vision, which includes 20% of renewable energy production by 2030 and up to 39% by 2040, as well as protecting natural resources in the Sultanate. Ibri 2 also represents a robust partnership between the public and private sectors and embodies another example of the Sultanate’s ability to attract foreign direct investment within the framework of a clear and transparent legal, legislative, and regulatory environment under the umbrella of the Omani Power Sector Regulation and Privatisation Law.
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