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25 March 2020
BUSINESS

Oman's biggest solar power project secures $275 million in funding

The $400 million solar power project will be funded on a debt to equity ratio of 70:30

The project is the first renewable energy financing for Asian Infrastructure Investment Bank in the GCC region.

by Kudakwashe Muzoriwa

Oman's biggest solar power project has secured $275 million in funding from a consortium led by ACWA Power, GIC for the 500 MW solar photovoltaic independent power project (IPP) in Ibri.

A syndicate of six international and local banks will provide the $275 million senior debt.

ACWA Power stated that Asian Infrastructure Investment Bank, Bank Muscat, Riyad Bank, Siemens Bank, Standard Chartered Bank, and Warba Bank helped structure the largest utility-scale solar project in the Sultanate on a 16.5-year door-to-door tenor.

Rajit Nanda, the Chief Investment Officer of ACWA Power, said, “The project which is the largest utility-scale solar project in Oman will also be the first renewable energy financing for AIIB in the GCC region, paving the way for a stronger partnership with the Beijing based international multilateral bank in the future.”


RELATED STORIES: ACWA Power Asian Infrastructure Investment Bank Bank Muscat Riyad Bank Siemens Bank Standard Chartered Bank


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