Saudi-based Acwa Power said its consortium with Gulf Investment Corporation (GIC) and Alternative Energy Projects Company (AEPC) has achieved the financial closure for the 500 MW Ibri II solar project in Oman.

This $400-million independent power project (IPP), which is being developed on a BOO (build, own, operate) basis, will become Oman’s largest utility-scale solar photovoltaic (PV) project. It will be funded on a debt to equity ratio of 70:30.

Under a key agreement, a syndicate of six international and local lenders, will provide the $275 million senior debt to the consortium.  The mandated lead banks including Asian Infrastructure Investment Bank (AIIB), Bank Muscat, Riyad Bank, Siemens Bank, Standard Chartered Bank and Warba Bank, helped structure the largest utility scale solar PV project in Oman on a 16.5 year door-to-door tenor.

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