(MENAFN- Trend News Agency) BAKU, Azerbaijan, September 22. Nama Power and Water Procurement (PWP) has signed an agreement with a consortium led by Abu Dhabi's Masdar to develop Oman's first utility-scale solar and battery storage project, Trend reports.

The Ibri III Solar Independent Power Project will combine a 500-megawatt (MW) solar photovoltaic plant with a 100-megawatt-hour (MWh) battery energy storage system.

The consortium includes Masdar, Al Khadra Partners, Korea Midland Power Co. (KOMIPO), and OQ Alternative Energy (OQAE). The agreement covers the design, financing, construction, ownership, and operation of the facility.

With an investment of around OMR 115 million, the project is expected to power roughly 33,000 homes and cut carbon dioxide emissions by about 505,000 tonnes annually. It will also add around 4% to Oman's renewable share in the power mix.

Officials highlighted the project as a milestone for Oman Vision 2040, which targets 30% of electricity from renewable sources by 2030. Once complete, the plant will be one of the country's largest renewable energy developments, reinforcing efforts to diversify the energy mix and enhance energy security.

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