PROJECT SUMMARY Abu Dhabi Future Energy Company PJSC – Masdar has reached financial close for Oman’s first utility-scale Ibri III 500 MW solar PV project with a 100 MWh battery energy storage system (BESS). Developed with Al Khadra Partners, KOMIPO, and OQ Alternative Energy, the $300 million project will supply electricity under a long-term PPA, powering 33,000 homes and reducing annual CO₂ emissions by 505,000 tonnes, supporting Oman’s Vision 2040 renewable target.
PROJECT SUMMARY
| Attribute | Details |
|---|---|
| Project Name | Ibri III Solar + BESS |
| Capacity | 500 MW Solar / 100 MWh BESS |
| Location | Ibri, Oman |
| Developer | Masdar; Al Khadra Partners; KOMIPO; OQ Alternative Energy |
| Total Cost | ~$300 million |
| Financing | Natixis CIB; First Abu Dhabi Bank (FAB) |
| PPA Offtaker | Nama Power & Water Procurement |
Abu Dhabi Future Energy Company PJSC(Public Joint Stock Company) – Masdar has reached financial close for the Ibri III 500 MW solar PV and 100 MWh battery energy storage system (BESS) project in Oman. The project is the country’s first utility scale of this kind.
The Ibri III Solar Independent Power Project is estimated total cost around $300 million. This finance has been secured from Natixis Corporate & Investment Banking (Natixis CIB) and First Abu Dhabi Bank (FAB). The financing structure supports the full project lifecycle, including construction and long-term operations, and reflects lender participation in large-scale power infrastructure assets in the Sultanate of Oman.
The project is being developed in partnership with Al Khadra Partners, Korea Midland Power Co. Ltd (KOMIPO), and OQ Alternative Energy, and will supply electricity under a long-term power purchase agreement (PPA), which was signed in September 2025 with Nama Power and Water Procurement.
Unser the agreement, the consortium will design, construct, own, finance, operate and maintain the solar and the battery storage project. On completion, the facility is expected to generate enough electricity to power around 33,000 homes and avoid about 505,000 tonnes of CO₂ annually.
The project is aligned with Oman’s target of generating 30% of electricity from renewable resources by 2030 under its Vision 2040.
Mohamed Jameel Al Ramahi, CEO of Masdar, said lender and partner support enabled financial close and highlighted the role of battery storage in large-scale renewable generation.