German fund plans to develop $2b integrated solar
projects.
MUSCAT: A German fund yesterday announced its plans
for developing $2 billion-worth integrated solar projects in Oman, giving the
much needed impetus to the country's strategy of developing green energy
sources.
The well-integrated solar projects are being promoted by Terra Nex Financial Engineering AG Switzerland, in collaboration with Middle East Best Select (MEBS) group of funds, said David Heimhofer, chairman of Terra Nex group and managing director of MEBS Group of Funds, while addressing a 70-member group of German investors. These investors were on a visit here to attend a high-level meeting on investment opportunities in solar energy field.
The solar ventures include a plant to produce solar panels, another project to manufacture aluminium frames to be used in the power station, a 400MW solar power plant and a university in renewable energy with the backing of a well-known European university.
"We have already secured fund, and have technological backing from international partners. We will start working on the project, once the government announces its policy framework on renewable energy," Heimhofer noted. Also, the location of the project will be determined in consultation with Oman government.
"We will be able to complete the first power plant within 18 months, after starting the construction work," Heimhofer said, adding; "We have been working on the project for more than two years and a feasibility study has already been done."
The project aims to tie-up with major international technological companies and international universities with expertise in renewable energy education, to help train the local population in service this burgeoning industry. Further, global electronics and electrical engineering giant Siemens has already signaled its high interest in the project at various levels.
"With a major $2 billion international investment commitment coming to Oman so early in the year, we have yet again highlighted the potential for attractive investment in the Sultanate," said Shaikh Hilal bin Khalid bin Nasser al Maawali, local paertner to Terra Nex and MEBS.
Project finance
The whole project will be financed by world investors and financiers. While MEBS is funded by a group of German institutional and individual investors, other investors include prominent German and European leading institutions.
Majority of the parties involved are from Germany with the main investors beginning MEBS fund and other European investors.
"To ensure the project's achievability, MEBS has also launched a private investment fund named Solar Energy-Photovoltaik in Oman as an added incentive. With a total initial investment of $200 million, this fund will finance the first solar power station," added Shaikh Hilal.
"With investors providing the necessary investment of approximately $2 billion, in which $600 million will be direct equity capital and the remaining covered by loans from European financers, this project will be a boost to Oman's economy," added Heimhofer.
Heimhofer added that Oman's stable business environment and pro-environmental policies makes the Sultanate a natural partner to this project.
"The government's aim to produce 10 per cent of its energy needs from renewable energy resources by 2020 is laudable. And this project will go a long way in making that vision a reality."
In fact, Terra Nex and MEBS have agreed with the local partner, Sheikh Hilal Al Maawali, to offer 40 per cent of the capital for public subscription in the future after not more than four years from the operation of the project. The initial public offering will be a boon to the Omani economy by enhancing the capital markets base in the Sultanate.
Backing from Siemens
Siemens, Solar and Hydro division is keen to act as the engineering, procurement and construction (EPC) contractor to provide the PV-power plant as a turnkey solution with strong preference for local supplies and services, thus being the basis for the establishment of the industrial resources required by the Sultanate to be a fully independent solar energy producer. "With global technology partners such as Siemens AG, this project is going to benefit from their strong technical expertise." added Heimhofer.
Job creation
This project is set to create over 2,000 work opportunities for Omanis over diverse industrial sectors and services. In order to increase the skillset of the local population to help service these new jobs, a well-known European University is proposed to setup an educational institution in the Sultanate that specialises in the field of renewable energy engineering.
Training opportunities
Apart from this international prestigious university, Terra Nex is also proposing training opportunities with global companies such as Siemens.
Giving them real-world expertise, the German technology partners and suppliers are committed to train the Omani youth in their technologically advanced factories.
"The new institute for solar energy in conjunction with international training will give the Sultanate the necessary expertise and well educated human capital to establish a manufacturing base with the ability to produce and export clean energy to regional countries, and gives the Omani youth a competitive edge in the regional job market.
These new jobs will create a new revenue stream for the national economy and help place Oman as a leader in the field of the renewable power technology sector; an expertise that will be marketable in the region," said Sheikh Hilal.
The well-integrated solar projects are being promoted by Terra Nex Financial Engineering AG Switzerland, in collaboration with Middle East Best Select (MEBS) group of funds, said David Heimhofer, chairman of Terra Nex group and managing director of MEBS Group of Funds, while addressing a 70-member group of German investors. These investors were on a visit here to attend a high-level meeting on investment opportunities in solar energy field.
The solar ventures include a plant to produce solar panels, another project to manufacture aluminium frames to be used in the power station, a 400MW solar power plant and a university in renewable energy with the backing of a well-known European university.
"We have already secured fund, and have technological backing from international partners. We will start working on the project, once the government announces its policy framework on renewable energy," Heimhofer noted. Also, the location of the project will be determined in consultation with Oman government.
"We will be able to complete the first power plant within 18 months, after starting the construction work," Heimhofer said, adding; "We have been working on the project for more than two years and a feasibility study has already been done."
The project aims to tie-up with major international technological companies and international universities with expertise in renewable energy education, to help train the local population in service this burgeoning industry. Further, global electronics and electrical engineering giant Siemens has already signaled its high interest in the project at various levels.
"With a major $2 billion international investment commitment coming to Oman so early in the year, we have yet again highlighted the potential for attractive investment in the Sultanate," said Shaikh Hilal bin Khalid bin Nasser al Maawali, local paertner to Terra Nex and MEBS.
Project finance
The whole project will be financed by world investors and financiers. While MEBS is funded by a group of German institutional and individual investors, other investors include prominent German and European leading institutions.
Majority of the parties involved are from Germany with the main investors beginning MEBS fund and other European investors.
"To ensure the project's achievability, MEBS has also launched a private investment fund named Solar Energy-Photovoltaik in Oman as an added incentive. With a total initial investment of $200 million, this fund will finance the first solar power station," added Shaikh Hilal.
"With investors providing the necessary investment of approximately $2 billion, in which $600 million will be direct equity capital and the remaining covered by loans from European financers, this project will be a boost to Oman's economy," added Heimhofer.
Heimhofer added that Oman's stable business environment and pro-environmental policies makes the Sultanate a natural partner to this project.
"The government's aim to produce 10 per cent of its energy needs from renewable energy resources by 2020 is laudable. And this project will go a long way in making that vision a reality."
In fact, Terra Nex and MEBS have agreed with the local partner, Sheikh Hilal Al Maawali, to offer 40 per cent of the capital for public subscription in the future after not more than four years from the operation of the project. The initial public offering will be a boon to the Omani economy by enhancing the capital markets base in the Sultanate.
Backing from Siemens
Siemens, Solar and Hydro division is keen to act as the engineering, procurement and construction (EPC) contractor to provide the PV-power plant as a turnkey solution with strong preference for local supplies and services, thus being the basis for the establishment of the industrial resources required by the Sultanate to be a fully independent solar energy producer. "With global technology partners such as Siemens AG, this project is going to benefit from their strong technical expertise." added Heimhofer.
Job creation
This project is set to create over 2,000 work opportunities for Omanis over diverse industrial sectors and services. In order to increase the skillset of the local population to help service these new jobs, a well-known European University is proposed to setup an educational institution in the Sultanate that specialises in the field of renewable energy engineering.
Training opportunities
Apart from this international prestigious university, Terra Nex is also proposing training opportunities with global companies such as Siemens.
Giving them real-world expertise, the German technology partners and suppliers are committed to train the Omani youth in their technologically advanced factories.
"The new institute for solar energy in conjunction with international training will give the Sultanate the necessary expertise and well educated human capital to establish a manufacturing base with the ability to produce and export clean energy to regional countries, and gives the Omani youth a competitive edge in the regional job market.
These new jobs will create a new revenue stream for the national economy and help place Oman as a leader in the field of the renewable power technology sector; an expertise that will be marketable in the region," said Sheikh Hilal.
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