Swiss and German funds back 400 MW Oman solar farm

Two of Europe’s largest private investment funds are to plough around $2bn into a 400 MW solar farm in Oman.

Germany’s Middle East Best Select and Switzerland’s Terra Nex will also put their money behind several solar equipment manufacturing plants in the Gulf state.

Terra Ne chairman David Heimhofer said: “Oman’s stable business environment and pro-environmental policies makes the Sultanate a natural partner to this project.”

Oman wants to produce 10 per cent of its power needs from renewable energy by 2020 and the move towards solar is being mirrored in other Gulf states. Last week Dubai announced it would build a 1GW solar park while last year Kuwait set a target to generate 10 per cent of its electricity from renewables by 2020.

POWER-GEN Middle East conference and exhibition will be taking place in Qatar on February 6-8 2012 and will include conference sessions on strategic issues facing the region’s power industry and the latest technology being employed. For more information please click here

No posts to display