The Asian Infrastructure Investment Bank, a multilateral development bank, has offered a loan of $60 million for a 500 MW solar project in Ibri, Oman. The total cost of the project, being developed by the Shams Ad-Dhahira Generating Company, is expected to be $400 million. The Oman Power and Water Procurement Company (OPWP) awarded the project to a consortium led by the International Company for Water and Power Projects. The other project sponsors are the Gulf Investment Corporation and the Alternative Energy Projects Corporation. The project is being developed on a build-own-operate basis under a bilateral offtake arrangement by OPWP for 15 years. The commercial operation of the project has been scheduled for June 1, 2021.