Marubeni Signs a Power Purchase Agreement for the Amin Solar PV IPP Project in Oman
Marubeni Corporation (hereinafter, “Marubeni”), through a Special Purpose Company (hereinafter, “SPC”) established with Oman Oil Facilities Development Company (hereinafter, “OOFDC”), Bahwan Renewable Energy Company (hereinafter, “Bahwan”), and Modern Channel Services (hereinafter, “MCS”), has executed a Power Purchase Agreement with Petroleum Development Oman (hereinafter, “PDO”) for the Amin Solar PV IPP Project.
The SPC (equity participation: Marubeni by 50.1%; OOFDC 30%; Bahwan 10%; and MCS 9.9%) will develop, construct, operate and maintain the Solar PV plant which has a capacity of 105MW. The Schedule Commercial Operation Date (hereinafter, “SCOD”) is projected for May 2020, at which time the facility will start producing power which will be purchased by PDO for a 23-year term. Project Financing is also being arranged for this project.
This project will be the first large scale solar plant in Oman. It also marks Marubeni’s 2nd IPP in Oman, the first being the Sur Gas Fired Combined Cycle IPP Project (2,000MW) which has been in operation since 2014.
Marubeni maintains 12GW of net IPP generation assets across 22 countries and is proactively expanding its development of renewable energy IPP projects, including the Sweihan Solar PV IPP Project (1,177MW) which is located in the UAE. Marubeni is committed to contributing to the supply of stable power in the MENA region.
In September of 2018, Marubeni issued the Notification Regarding Business Policies Pertaining to Sustainability in Relation to Coal-Fired Power Generation Business and Renewable Energy Generation Business. As per this notification, Marubeni will continue to expand its business activities in the renewable energy power sector throughout the world, and especially in the MENA region where many large scale projects are in the works.
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