Omani solar firm gets USD 5m investment

Private equity investment firm Oman Investment Corporation (OIC) will invest up to OMR 2 million (USD 5.2m/EUR 4.4m) in Nafath Renewable Energy with the aim of helping to turn the small business into a large solar company, Oman News Agency (ONA) reported.

In addition to the funds, OIC will be working closely with Nafath's management and will be providing assistance in areas such as financial management and projects management, OIC chief executive Kalat Al Balushi was cited as saying.

Nafath provides services for renewable energy systems, including the engineering, supply and installation of photovoltaic (PV) arrays. A year ago local media reported that the company planned to start producing solar panels.

OIC's investment comes as Oman's Authority for Electricity Regulation (AER) is preparing to launch a scheme to support residential PV installations.

(OMR 1 = USD 2.597/EUR 2.177)

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