AIIB grants $60 million loan for 500 MW solar project in Oman

The Asian Infrastructure Investment Bank has approved a $60 million loan to increase the renewable power generation capacity in Oman to help reduce the country’s dependence on gas and other fossil fuels for electricity generation. The loan will be used to develop a 500 MW greenfield solar photovoltaic power plant in Ibri, being developed by a special purpose company established by ACWA Power, Gulf Investment Corporation and Alternative Energy Project. The total project cost is approximately $400 million.