AIIB Grants $60 Mn Loan for 500 MW Solar Project in Oman

Mar 27, 2020 11:15 AM ET
  • AIIB has actually authorized a USD 60 million lending to boost the eco-friendly power generation ability in Oman by funding a 500 MW solar PV project in the nation
AIIB Grants $60 Mn Loan for 500 MW Solar Project in Oman
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The Asian Infrastructure Investment Bank's (AIIB) Board of Directors has actually authorized a USD 60 million financing to boost the sustainable power generation capability in Oman to help in reducing the nation's dependancy on gas and also various other nonrenewable fuel sources for electrical energy generation. This is funding establishments' very first nonsovereign-backed funding in the nation's renewable resource field. The project is a 500 megawatt (MW) greenfield solar photovoltaic nuclear power plant in Ibri being created by an unique function firm developed by ACWA Power, Gulf Investment Corporation and also Alternative Energy Projects Co. It is Oman's initial utility-scale renewable resource project to be attached to the grid. The complete project price is roughly USD 400 million.

Oman's continual financial as well as population growth over the past years has actually caused fast-growing electrical power need as well as placed a pressure on the existing power framework. The nation has among the highest possible solar thickness worldwide, offering a fantastic advancement capacity for solar power sources. Presently, mostly all the set up electrical power ability in Oman is sustained by gas, leaving substantial possibility for renewable resource.

" AIIB's financial investment will certainly raise the schedule of Oman's sustainable power generation capability and also add to loading the expected space in peak need," stated AIIB Vice President D.J. Pandian. "The project will certainly likewise aid the nation approach an extra eco lasting as well as well balanced power mix to make sure long-lasting power sustainability."

The project remains in line with AIIB's power market approach in lowering the carbon strength of power supply and also catalysing personal capital expense in renewable resource facilities. Its participation will certainly make sure using high ecological and also social criteria in the project.

In December 2019, we had actually reported that the Beijing-headquartered multilateral advancement financial institution had actually authorized the financial investment of USD 65 million in Hero Future Energies' 250 MW solar energy project in Jodhpur, Rajasthan. The lending institution stated in a declaration that "as part of recurring initiatives to activate personal resources for facilities, President Jin additionally accepted a USD 65-million 250-MW solar energy project in Jodhpur, the second-largest city in the northwestern Rajasthan state."

The Indian independent power manufacturer (IPP) is creating this project using an unique function lorry (SPV) called Clean Solar Power (Jodhpur) Pvt Ltd. The project is anticipated to produce tidy power of 616 MWh in 2022.

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