Oman firm seeks to raise $100M from UAE partner

DUBAI — Oman’s Nafath Renewable Energy is looking to raise $100 million from a UAE partner and has placed the emirates on its radar to set up a solar panel assembly here, its CEO said.

The company aims to take on mega projects between 10 megawatt to 50MW in the GCC by 2020.

“We are in discussion with a consultancy in Abu Dhabi to put our leg in the UAE because the government is heavily focused on sustainability and renewable energy.

“In solar panel, the market price is $1,000 per kilo watt. So, if we start to plan a 100 mega watt, we need $100 million. This is what we are looking to raise from a UAE partner in the next five years,” said Abdullah Nasser Al Saaidi.

Established as an SME in Oman in 2012, Nafath is specialised in design, installation, operation and maintenance of solar power plants.

Al Saaidi was speaking on the sidelines of the Mohammed bin Rashid Award for Young Business Leaders in Dubai on Monday.

“We are looking for two partnership — a financial partner and a consultant partner which knows the market, regulations and designs that we have to follow.”

The UAE is a leading country in renewable energy and they focus on sustainability. It is the first country which has put regulations in place to connect solar power panels to the main power grid. “So, the potential in the UAE is very high but competition is also high,” he added. — waheedabbas@khaleejtimes.com