Sembcorp, Jinko JV wins 500-MW solar project in Oman

A joint venture of Sembcorp Industries and Jinko Power Technology (SHA:601778) has been awarded a contract for a 500-MW solar project in northern Oman.

The joint company, in which Sembcorp will own an 80% stake, will be in charge of building, owning and operating the Manah Solar II Independent Power Project (IPP) in the northern Ad Dakhiliyah governorate.

The contract was signed with the Oman Power and Water Procurement Company (OPWP), the sole off-taker of electricity in the Sultanate. It includes a 20-year power purchase agreement (PPA) for the output of the facility, Sembcorp said on Monday.

The solar plant is planned to go online by 2025.

Sembcorp noted that the project will be financed through a combination of internal cash resources and bank borrowings.

Manah II is one of two solar projects each with a capacity of 500 MW that the OPWP was recently authorised to award to international developers. Manah I will be located also in Ad Dakhiliyah about 150 km (93.2 mi) south of the capital Muscat.

The construction of the two plants will involve investments of more than OMR 300 million (USD 779.2m/EUR 726.5m).

(OMR 1.0 = USD 2.597/EUR 2.421)

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