Masdar JVs develop projects in Oman and Montenegro

A consortium including the UAE’s Masdar has secured funding for the Ibri III independent solar power project, the first utility-scale solar and battery storage project in Oman.

Financing was secured from France’s Natixis Corporate & Investment Banking and the UAE’s First Abu Dhabi Bank, which will cover a substantial part of the $300 million project, Masdar said in a statement. 

Other consortium members include Al Khadra Partners, Korea Midland Power Company and OQ Alternative Energy.

Ibri III, which is being developed for Nama Power and Water Procurement (Nama), will contribute to Oman’s Vision 2040 goal of diversifying energy resources. This includes the target of generating 30 percent of electricity from renewables by 2030. 

Combining a 500 megawatt photovoltaic plant with a 100 megawatt-hour battery energy storage system, it will produce enough electricity to power around 33,000 homes, while reducing annual carbon dioxide output by 505,000 tonnes.

In a separate announcement, Masdar and Elektroprivreda Crne Gore (EPCG), Montenegro’s national power utility, agreed to explore a joint venture to develop large-scale renewable energy projects in Montenegro.

Under the terms of the agreement, the companies will investigate the development of clean energy projects across a range of technologies, including solar photovoltaic, wind, hydropower, standalone battery energy storage systems and hybrid solutions.

The collaboration aims to support Montenegro’s domestic energy needs while enabling the export of renewable electricity to the Balkans and southeast Europe.  

Masdar’s collaboration with EPCG leverages on its existing presence in Montenegro through its 2018 investment in the 72 megawatt Krnovo Wind Farm, which remains the country’s largest operating wind project to date. 

The partnership also complements Masdar’s broader expansion and investment in southeast and central Europe through its Greek platform, Terna Energy, acquired last year.

• Masdar JV awarded contracts for North Sea wind projects
• Oman steps up drive for renewable energy
• Oman’s Hydrom receives bids for renewables projects

Last week Masdar chairman Sultan Al Jaber said that the company has reached a global capacity of 65GW of clean energy and is targeting 100GW by 2030.

The UAE has pledged to reach net-zero emissions by 2050 and is seeking to diversify its economy away from dependence on fossil fuels.

Masdar has developed and partnered on projects in more than 40 countries, cutting 14 million tonnes of carbon dioxide per year. 

It is owned by Abu Dhabi’s state-owned Taqa (43 percent), Mubadala (33 percent) and Adnoc (24 percent).