Masdar-Led Group to Build Oman’s First Solar and Battery Project
A consortium led by Masdar has signed a power purchase agreement (PPA) with Nama Power and Water Procurement (PWP) to build Oman’s first large-scale solar and battery storage project.
Project details
The project, called the Ibri III Solar Independent Power Project (IPP), will include a 500-megawatt (MW) solar power plant and a 100-megawatt-hour (MWh) battery storage system.
It will cost about $300 million (OMR 115 million) and is expected to supply electricity for around 33,000 homes. Once running, it will cut about 505,000 tonnes of carbon emissions each year and add about 4% more renewable energy to Oman’s power supply.
The consortium partners are Masdar, OQ Alternative Energy, Al Khadra Partners, and Korea Midland Power (KOMIPO).
This project supports Oman’s Vision 2040, which aims for 30% of the country’s electricity to come from renewables by 2030. Nama PWP also plans to add up to 9 gigawatts (GW) of renewable capacity by 2030, making renewables about 60% of contracted power sources.
Masdar’s renewable energy efforts
In August, Masdar announced that it invested more than $1.7 billion from its 2023–24 green bond funds into renewable energy projects worldwide. These include solar, wind (onshore and offshore), and energy storage in the UAE, Saudi Arabia, the US, Germany, the UK, and emerging markets such as Uzbekistan, Azerbaijan, and Serbia.
Masdar said these investments are already making an impact. Each $1 million invested helps avoid about 3,700 tonnes of CO₂ emissions per year. Overall, the program has helped prevent more than 6.28 million tonnes of emissions annually.
In May, Masdar also raised $1 billion through another green bond issue, bringing the total raised under its green bond program to $2.8 billion.
Published: 23th September 2025
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