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FINANCIAL NEWS
Oman intends to sign a lease for the wind power project
07 Aug 2016
(MENAFN) According to the latest reports, Oman’s lease to create the Sultanate’s first large-scale wind-based renewable power project will be signed during the coming month.
Rural Areas Electricity Company (Raeco) and the UAE-based Masdarare are the companies which developed the renewable energy project.
Raeco will run the venture within a power purchase deal with Oman Power and Water Procurement Company (OPWP).The plan is expected to achieve its goal in 2017, “The project will be operated by Raeco under a power purchase agreement with Oman Power and Water Procurement Company (OPWP). The project is expected to reach commercial operation in 2017,” Reco Added.
The report hinted that the project cost will hit USD 125mn. Oman’s reliance on fossil fuels and face the country’s increasing energy will be through the plants.
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