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FINANCIAL NEWS
Oman’s RAECO to invest USD7.7m in solar energy projects
13 Oct 2014
(MENAFN) Oman’s Rural Areas Electricity Company (RAECO) announced it is planning to invest USD 7.77 million in solar energy projects, Times of Oman reported.
RAECO said that the investments are going to help the Sultanate in reaching its target of having renewable energy contribute 25 percent to the country’s total electricity capacity.
The company also said that currently there are seven renewable energy projects being developed in different areas of the Sultanate, including a 300kw solar energy project in Al Mazyunah in Dhofar Governorate, which is expected to be complete in April, 2015, with the other projects, which are planned to be done in Ibri, Al Wusta, Thumrait, Rakhyut and some other areas to follow soon.
“Studies are underway to find other appropriate locations for implementing similar projects, and we also look forward to implementing a project in Masirah,” RAECO’s CEO said.
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