The Asian Infrastructure Investment Bank (AIIB) has approved a $60 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 non-sovereign-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 Corp. 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 $400 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 infra
