The Masdar-led consortium has secured financing for the $300 million Ibri III solar and storage project
Funding was arranged through Natixis CIB and First Abu Dhabi Bank, with Masdar partnering with Al Khadra Partners, KOMIPO, and OQ Alternative Energy
The project supports Oman’s Vision 2040 goals and is expected to supply clean electricity to around 33,000 homes on completion
A consortium led by Abu Dhabi Future Energy Company Masdar has achieved financial close for the 500 MW solar PV and 100 MWh battery energy storage system (BESS) project in Oman. The project is the country’s 1st utility-scale project of this kind.
The Ibri III Solar Independent Power Project is estimated to cost around $300 million. The consortium has raised financing from Natixis Corporate & Investment Banking (Natixis CIB) and First Abu Dhabi Bank (FAB).
Apart from Masdar, the consortium includes Al Khadra Partners, Korea Midland Power (KOMIPO), and OQ Alternative Energy (OQAE). It won the project in September 2025 and signed a power purchase agreement (PPA) with Nama Power and Water Procurement (NAMA) (see Oman Inks Deal For First Large-Scale Solar-Battery Plant).
“We see great potential for battery energy storage to expand renewable energy deployment, and we look forward to leveraging our expertise in BESS and other advanced technologies to deliver clean, secure power for the Sultanate,” said Masdar CEO Mohamed Jameel Al Ramahi.
The consortium will design, construct, own, finance, operate, and maintain the solar and storage project. On completion, it is expected to generate enough clean energy to power around 33,000 homes.
Oman says the project is aligned with its target of generating 30% electricity from renewable energy by 2030 under its Vision 2040 and achieving net zero by 2050.
Separately, Masdar also announced a partnership with Elite Agro Holding to build the first agrivoltaic project in the MENA region. It will be located at Elite Agro’s Al Foah Farm in Al Ain, Abu Dhabi.