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Oman : Mitsui & Co., Ltd. led consortium wins largest power project in OMAN
Publish Date : 17-May-2016
Oman Power and Water Procurement Company SAOC (OPWP) said, a consortium led by Mitsui & Co., Ltd., ACWA Power, and Dhofar International Development and Investment Holding Co. SAOG (DIDIC) has been awarded the 3,219 MW Ibri Sohar-3 power generation project - the largest single tendered Independent Power Project in Oman.
This project was awarded during an official signing ceremony held under the patronage of Sayyid Taimur Bin Asad Al Said on May 15 at Muscat.
The project covers two natural gas-fired combined cycle power plants of 1,509 MW and 1,710 MW each, situated at Ibri and Sohar in Northern Oman.
Owning 50.1% stake in the project, Mitsui acts as the lead investor and the managing member of the project, with ACWA Power owning further 44.9% of the shares and DIDIC with 5% stake.
These two plants which will be owned and operated under a 15-year power purchase agreement with OPWP, will be connected to the Main Interconnected System (MIS) in the Sultanate of Oman.
Paddy Padmanathan, President and CEO of ACWA Power, said, Demand for electric power in the Sultanate is increasing at a rapid pace so these projects are essential to provide reliable and efficient power to drive economic growth and development. This is our fifth project in the Sultanate of Oman, and in conjunction with our consortium partners were committed to meeting the target commissioning dates set out in the agreements.
These projects are of particular importance to us as they represent the largest single award in the region, second only to our existing Qurayyah IPP.
These plants are expected to be commercially operational in early 2019, following which they will supply approximately 30% of electricity demand in the Sultanate of Oman.
