Financial closure achieved for Ibri II solar project

A consortium consisting of ACWA Power, GIC and AEPC has achieved the financial closure for the 500 MW solar photovoltaic independent power project (IPP) at Ibri in Oman, which is also the largest utility scale solar plant in the country as of date.
The $400 million project will be funded on a debt-to-equity ratio of 70:30. A syndicate of six international and local lenders will provide the $275 million senior debt. 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.
This deal also represents the first renewable energy financing in Oman as well as the GCC region by AIIB, the Beijing-headquartered international multilateral development bank.
Paddy Padmanathan, president and CEO of ACWA Power, said: “We are pleased to partner with GIC and AEPC on the largest utility scale solar IPP in Oman.”
 This milestone further asserts our commitment to provide low-cost and sustainable electricity supply solutions to our esteemed clients like the Oman Power and Water Procurement Company. Successfully achieving financial closure during these challenging times is a testament to the determination of all the stake holders in this project to keep doing the best we can within the constraints we all need to work within.”
Rajit Nanda, chief investment officer of ACWA Power, said: “We are pleased to achieve a successful closing of yet another financing in Oman, which is a key country for ACWA Power’s operations in Middle East.”