Masdar has entered the first financial close on the Ibri III power project, a landmark move for Oman’s energy landscape. This truly extraordinary initiative is the first step toward creating a 500 megawatt (MW) solar photovoltaic (PV) plant. It will combine this with a 100 megawatt-hour (MWh) battery energy storage system (BESS). Ibri III, another recent project located in Oman, is expected to power about 33,000 homes. This project will have a powerful impact on reducing carbon dioxide emissions.
The project will reduce CO₂ emissions by an estimated 505,000 tonnes per annum (tpa). Ibri III is an important milestone for Oman’s renewable energy ambitions. It furthers the country’s Vision 2040 goal to achieve 30% of its electrical generation from renewables by 2030. Financing plan The project will have financing facilities estimated at $300 million, or Dh1.1 billion. This historic investment shows a deep financial commitment to this once-in-a-generation initiative.
Just last September, Masdar—whose subsidiary was the developer behind Ibri III—signed the power purchase agreement. All in all, this was a defining moment for the adoption of large-scale solar and battery storage technologies in Oman. In many ways, this project is pretty darn special. Once completed, it will become the country’s first multi-project utility-scale solar and battery storage program of its kind.
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, captured the importance of Ibri III. He claimed that this new initiative is further proof of Masdar’s commitment to advancing Oman’s energy transformation aspirations. He focused in particular on the tremendous potential of battery energy storage to accelerate renewable energy deployment. With our global ingenuity experience in BESS and other advanced technologies, we are excited to help deliver clean, reliable, affordable, and secure power for the Sultanate.
This landmark project not only aims to meet the immediate electricity consumption needs of local residents but serves as a model for future renewable energy initiatives across the region. Realizing the Ibri III framework will take a commitment to fully integrate advanced technologies. Together, this integration is poised to create a new paradigm for accelerating renewable energy deployment.
The importance of Ibri III goes far beyond the immediate environmental gains. It is a starting point, but it exemplifies a bigger sustainable development commitment that is deeply important for Oman’s future energy security. GlobalData supports this initiative with fantastic business intelligence and editorial rigor. It has received media coverage on 36 of the world’s top 100 media outlets, underlining its importance in the global discourse surrounding renewable energy.