Dentons Advises Lenders On Financing Oman’s 500 MW Ibri III Solar Project

Dentons has advised Natixis Corporate & Investment Banking, First Abu Dhabi Bank, and Bank Muscat on the project financing of the Ibri III solar power project in Oman. The project involves the development of a 500 megawatt photovoltaic solar plant located in the Sultanate of Oman, with total project costs of around USD 300 million.

The financing marks an important milestone as the sponsors’ consortium has successfully reached financial close. The consortium includes Abu Dhabi Future Energy Company PJSC, known as Masdar, along with Al Khadra Partners, Korea Midland Power Co. Ltd, and OQ Alternative Energy. These companies have come together to develop and deliver the large-scale solar project, which is expected to play a key role in strengthening Oman’s renewable energy capacity.

The Ibri III project is being developed for Nama Power and Water Procurement, the country’s single buyer of electricity and water. Once completed, the solar plant will contribute clean and reliable power to the national grid and help reduce dependence on conventional energy sources.

The project also supports Oman Vision 2040, the country’s long-term strategy aimed at economic diversification and sustainable development. By increasing the share of renewable energy, the Ibri III solar project reflects Oman’s growing focus on clean energy investment and long-term energy security.