A new pv solar power plant with a generation capacity of 1,000MW will be developed in Oman following the signing of an agreement between the Oman Investment Fund (OIF) and Ningxia Zhongke Jiaye New Energy and Technology Management Company.
The two phased project will see 400MW installed in the first phase, while the rest will be developed in the second phase. The project will be located in Oman’s central town of Duqm.
Ningxia Zhongke will hold a 51% stake in the $94mn-solar panel venture, while 49% will be held by OIF. Ningxia Zhongke expects $215mn in sales revenue per annum in the first phase, according to reports.
The Chinese firm plans to employ 300 people in the first phase, which will be scaled up to between 900 and 1,000 employees in the second phase, said a report.
The GCC region has stepped up its investment in renewable energy to reduce its dependency on fossil fuels for power generation and to commit to international obligations on reduction of carbon emissions.