Masdar has achieved remarkable accomplishments in the realm of renewable energy. They recently signed a power purchase agreement for the 150MW Quipungo Solar photovoltaic project in Angola. This marks Masdar’s first such agreement in the country, showcasing the company’s commitment to expanding its footprint in Africa’s renewable energy landscape.
The deal for Quipungo is consistent with Quipungo’s developer Masdar’s wider strategy to increase its international footprint in sustainable energy ventures. As the world shifts towards cleaner energy, Masdar aims to contribute to the growing demand for renewable resources, particularly in emerging markets like Angola.
Masdar recently achieved financial closing for the Ibri III power plant in Oman. This success builds on their efforts surrounding the Quipungo project. This project will be a game-changer for Oman’s energy landscape. It is the country’s first big solar and battery storage project on that scale. The Ibri III project includes a large scale 500MW solar PV plant. It adds a resilient 100 MWh battery energy storage system (BESS) for performance efficiency.
Of the Ibri III project’s estimated costs, financing facilities have already been secured that will cover about 81% of those costs. In all cases, these total estimated costs are well over $300 million. This is a big deal and incredibly important. It assists Oman’s Vision 2040, which aims to source 30% of its energy from renewable resources by 2030.
The Ibri III project will produce enough electricity to power approximately 33,000 homes. It will reduce carbon dioxide (CO₂) emissions by an average of 505,000 tonnes annually. This past September, we closed the deal for the new purchasing power made possible by the Ibri III project. This proved to be a turning point in the life of the project’s creation.
Masdar’s CEO, Mohamed Jameel Al Ramahi, thanked the company’s partners and lenders. Their encouragement was critical in getting Masdar across this important threshold.
“We thank our lenders and partners for enabling us to reach this significant milestone in the development of the Ibri III project, which highlights Masdar’s commitment to helping Oman achieve its energy transformation goals.” – Mohamed Jameel Al Ramahi
During the event, Al Ramahi further highlighted how battery energy storage is creating new opportunities to scale up renewable energy in Oman.
“We see great potential for battery energy storage to expand renewable energy deployment, and we look forward to leveraging our expertise in BESS and other advanced technologies to deliver clean, secure power for the Sultanate.” – Mohamed Jameel Al Ramahi