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Publish Date : 06-Jan-2016

A consortium led by Japans Mitsui & Co. which includes Dhofar International Development and Investment Holding Co (DIDIC) of Oman and Saudi Arabian power company ACWA Power, has received a letter of award from the Oman Power and Water Procurement Co (OPWP) for development of around US$2.3bn Ibri, Sohar-3 independent power plants (IPPs). The Ibri (1,450MW) and Sohar (1,700MW) plants will be largest power project in the sultanate.

As the major investor with a 50.1 per cent shareholding, Mitsui, will help in addressing the growing demand for electric power in Oman with the construction of two natural gas-fired combined cycle power plants with a total capacity of 3,150MW. In the consortium, ACWA Power will hold 44.9 per cent, and balance five per cent will be owned by DIDIC.

The project agreements, including the sales contract, would likely be signed next month, and the plants would enter into commercial operations in 2019.

Mitsui will be operating both plants. It will sell electric power under a 15-year power purchase agreement with OPWP. The plants will supply around 30 per cent of the electricity that will be consumed in the Muscat area once the commercial operation is achieved.

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