OPWP has signed a 15 year PPA with a consortium led by Saudi Arabia’s ACWA Power for the 500 MW Ibri II Solar PV project in April 2019. Members of the consortium include ACWA Power (50%), Gulf Investment Corporation (40%) and Alternative Energy Projects Company (10%). Ibri II Solar is first Solar PV Project to be tendered by OPWP in Oman.
Synergy in its capacity as the financial and commercial advisor on this Project assisted OPWP in end-to-end procurement advisory through:
- Supporting in finalization of capacity, site and the procurement strategy;
- Establishing the preliminary commercial framework (through development of a Competition Process Paper) and developing appropriate risk allocation framework for structuring a bankable project;
- Assisting in conceptualization, design and delivery of the procurement process including RFQs and RFPs (including development of a customized tariff structure meeting the objective of land-use optimization);
- Preparation of bid evaluation methodology and ranking criteria; and
- Evaluation and selection of the preferred bidder and the preparation of the final set of Project Agreements.