SEMBCORP AND JINKO POWER TO BUILD MANAH SOLAR II PROJECT IN OMAN
Sembcorp Industries (Sembcorp) announces that it has, through an 80%-owned joint venture to be set up by its wholly-owned subsidiary Sembcorp Utilities with Jinko Power Technology (Jinko Power), received an award by Oman Power and Water Procurement Company (OPWP) to build, own and operate the Manah Solar II Independent Power Project (IPP) in Manah, Sultanate of Oman. The 500MW solar plant is expected to be operational by 2025 and will be backed by a 20-year power purchase agreement with OPWP.
This project will complement Sembcorp’s existing capabilities and track record in the region. The Salalah Independent Water and Power Plant, one of the most energy-efficient power and water plants in the Dhofar region in the Sultanate of Oman, is 40% owned by Sembcorp.
This project is expected to be financed through a mix of internal cash resources and external bank borrowings. It is not expected to have a material impact on the earnings per share, net asset value per share and leverage of Sembcorp for the financial year ending December 31, 2023.
The 500MW build-own-operate solar plant will augment Sembcorp’s well-established presence in the Sultanate of Oman’s power and water desalination sector
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