$2bn German solar plant
MUSCAT — Terra Nex Financial Engineering AG Switzerland (Terra Nex), in collaboration with Middle East Best Select (MEBS) Group of Funds, has announced its plans for a $2 billion project to develop solar power resources in the Sultanate.
Terra Nex, a Swiss licensed and global wealth management company that specialises in identifying and developing investment opportunities in the Middle East, has developed an integrated solar energy project consisting of the local implementation of the entire value chain in the renewable energy sector.
Solar power electricity generation stations are central to the project. The project aims to generate approximately 400MW. Industrial plants to manufacture the solar panels and aluminium frames to be used by the power station will also be established for local consumption and export.
Knowledge and technology transfer is another critical aspect to the success of this project. The project aims to tie up with major international companies and international universities with expertise in renewable energy education, to help train the local population in service of this bourgeoning industry.
A delegation of 70 German investors held meeting with representatives of Public Authority for Investment Promotion and Export Development, Oman Power and Water Procurement Company and Special Economic Zone at Al Duqm.
Shaikh Hilal bin Khalid al Maawali, local partner to Terra Nex and MEBS, who has helped direct the project in Oman, said: “This is great beginning for 2012 for Oman. With a major $2 billion international investment strong indication of commitment coming to Oman so early in the year, we have yet again highlighted the potential for attractive investment in the Sultanate.”
“This project touches so many aspects of Omani society — from economic growth to energy generation; from industrial diversification to education and jobs; from optimum utilisation of natural resources to technological innovation,” added Shaikh Hilal.
“To ensure the project’s achievability, a private investment fund has been launched by MEBS with an initial investment of $200 million,” said Shaikh Hilal.