Masdar, together with Al Khadra Partners, Korea Midland Power Co. Ltd, and OQ Alternative Energy, has achieved financial close for the Ibri III solar independent power project. Financing has been secured from Natixis Corporate and Investment Banking and First Abu Dhabi Bank, covering a substantial portion of the project’s total cost of around $300 million. The project is being developed for Nama Power and Water Procurement.
The project comprises a 500 MW solar plant integrated with a 100 MWh battery energy storage system (BESS). Once operational, the project will generate sufficient electricity to supply around 33,000 homes and offset carbon emissions by approximately 505,000 tonnes annually. Furthermore, the power purchase agreement for the project was executed in September 2025.
The project scope includes the design, construction, ownership, financing, operation, and maintenance of both the solar plant and the associated storage system. It is reportedly Oman’s first utility-scale solar and BESS project. Oman has a target of generating 30 per cent of electricity from renewable sources by 2030, under its Vision 2040 energy diversification goals.