Energy investments firm Nebras Power said it has completed the acquisition of a 9.9 per cent equity stake in Amin Renewable Energy Company (AREC) in Oman, which owns Project Amin.

 

The transaction is a continuation of Nebras's strategy to enhance its asset base through attractive opportunities and expand its presence in the Omani power market, said a statement.

 

Project Amin is currently under construction and it is targeted to achieve its early generation in late December 2019. Once the project is fully operational in May 2020, the facility will have a power generational capacity of up to 105 MWac and will sell the generated power to Petroleum Development Oman through a 23-year power purchase agreement.

 

The solar power project is a continuation of latest in a series of international investments for Nebras Power, which has witnessed the steady expansion of its global portfolio over its five-year history, it said.

 

"Nebras Power is charged with seeking out and investing in well-structured and profitable energy assets. Project Amin is a vibrant investment opportunity that we are confident will prove to be a positive addition to our group of assets," said Engineer Fahad Bin Hamad Al Mohannadi, chairman of Nebras Power on the occasion of the announcement of the acquisition.

 

Speaking on the importance of the transaction, Engineer Khalid M Jolo, CEO of Nebras Power, said: "We are proud to expand our investments and presence in the Sultanate of Oman which is considered an important country for Nebras Power. Project Amin will contribute to the diversity of our energy portfolio, but will also be a facility that will generate clean and sustainable energy for the people of Oman for generations to come."