Masdar secures finance for 500-MW solar project with battery in Oman

Author: Tom Brewster Photography. License: Creative Commons, CC BY-SA 2.0
Masdar is partnering on the project with Al Khadra Partners, Korea Midland Power Co Ltd (KOMIPO) and OQ Alternative Energy (OQAE).
Natixis Corporate and Investment Banking (Natixis CIB) and First Abu Dhabi Bank (FAB) will provide financing that will cover a significant part of the project’s total costs of around USD 300 million (EUR 258m), Masdar said on Friday.
The Ibri III Solar Independent Power Project is described as the first utility-scale solar and battery storage project in Oman. It is being developed for Nama Power and Water Procurement, Oman’s sole buyer of electricity. The power purchase agreement (PPA) for the project was signed in September 2025.
Masdar said the project will support the Oman Vision 2040 target of diversifying energy sources and generating 30% of electricity from renewables by 2030.
This is Masdar’s latest announcement this week as the company hosted Abu Dhabi Sustainability Week. Masdar also signed financing for the 300-MW Guzar solar project with battery in Uzbekistan.
(USD 1 = EUR 0.861)






