International Finance

Renewable energy to help Oman save up to $1 bn

Renewable energy Oman
Oman plans to generate at least 10% of its energy demands from renewables

Investment in renewable energy will help Oman save up to $1 billion, according to an official in the Ministry of Oil and Gas.

According to Hilal Said al Hadi, Head of Studies and Research at the Ministry, the savings will ensue from primarily two sources: the falling cost of equipment and hardware used in renewable energy plants, and the utilisation of natural gas.

Oman’s government is committed to reduce its dependence on dirty sources to produce energy and increase its investment in renewable energy.

Oman plans to generate at least 10 percent of its energy demands from renewable sources such as solar and wind by 2025. With major projects in the pipeline, Oman is set to surpass its goal.

The country also plans to generate 30 percent of its electricity demand from renewable energy sources by 2030.
Currently, Oman is developing large-scale solar PV projects in Ibri, Manah, and Adam. Oman has also invested heavily in the development of wind power projects in Sur, Jaalan Bani Bu Ali, Duqm, Sadah, Shaleem & Al Halaniyat, and Al Jazer.

Oman has also introduced a wide-scale rooftop solar PV scheme. The sultanate has also developed a number of waste-to-energy and bio-waste plants envisioned at different locations in the Sultanate.

According to Oman Power and Water Procurement Company (OPWP), solar energy will likely produce 21 percent of the total power needed in Oman by 2030, while wind energy and waste energy are projected to account for 6.5 percent and 2.5 percent of the total energy mix, respectively.

According to media reports, Infundi, a joint initiative of Nafath Renewable Energy and National Sustainable Energy Development Company, will launch a new Special Purpose Vehicle (SPV) that aims to raise $100 million to support the development of solar PV schemes in Oman.

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