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  Oman’s Manah 2 starts electricity supply Jennifer Aguinaldo

  5 May 2025

  Oman’s Manah 2 solar independent power project (IPP) has begun supplying electricity to Oman's electricity grid, four months after the project achieved commercial operations status.

  Singapore-based utility developer Sembcorp leads the team that won the contract to develop and operate the 500MW solar photovoltaic (PV) scheme.

  The firm marked the formal commencement of the supply of electricity under a 20-year power purchase agreement (PPA) with Nama Power & Water Procurement Company (PWP) on 4 May.

  Located in Oman's Al-Dakhiliyah Governorate, Manah 2 covers 6.8 million square metres and features 1 million bifacial solar PV panels mounted on 8,691 tables and connected to 60 central inverters, Sembcorp said.

  The IPP supports Oman’s Vision 2040 goal of deriving 30% of its electricity from renewables by 2030.

  PWP signed the 20-year PPA with the developer team, comprising Sembcorp and Hong Kong-based Jinko Power Technology, in March 2023.

  The project was the first renewable energy contract the Singaporean firm had won in the Middle East region.

  Sembcorp owns an 80% stake in a joint venture comprising its subsidiary, Sembcorp Utilities, and Jinko Power, which will implement the project.

  China Energy Engineering Corporation – Shanghai Electric Power is the project's engineering, procurement and construction contractor.

  Manah 2 and another project, Manah 1, were previously named Solar IPP 2022 and 2023.

  Three developer consortiums submitted technical and financial proposals for the Manah 1 and Manah 2 contracts in late September 2022.

  Located 150 kilometres southwest of Muscat, the Manah 1 and 2 solar projects comprise the second utility-scale renewable energy projects to be tendered by PWP, after Ibri 2, which has been operational since 2021.

  The bid evaluation process is under way for the 500MW Ibri 3 solar IPP.

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  Jennifer Aguinaldo
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  Dewa increases 2030 renewables target by 45% Jennifer Aguinaldo

  5 May 2025

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  State utility Dubai Electricity & Water Authority (Dewa) has increased its flagship solar project's 2030 target installed capacity by 45%, from 5,000MW to 7,260MW.

  In a statement, Dewa said the Mohammed Bin Rashid Al-Maktoum (MBR) Solar Park will have a production capacity of more than 7,260MW by 2030, with a total investment of AED50bn ($13.6bn).

  The utility said the total capacity of the solar energy projects commissioned at the solar park has reached 3,460MW from photovoltaic (PV) solar panels and concentrated solar power.

  The total alternating current (AC) capacity of contracts awarded in the first five phases of MBR Solar Park is about 2,860MW, with construction under way for the 1,800MW sixth phase of the solar scheme.

  AC capacity is usually lower than the direct current capacity for solar PV projects.

  Based on the official solar installed capacity of 3,460MW, as of early 2025 clean energy accounts for 20% of Dewa's total power capacity of about 17,179MW. Natural gas-fired capacity accounts for the rest.

  The Dubai Clean Energy Strategy 2050 and the Dubai Net-Zero Carbon Emissions Strategy 2050 aim to ultimately provide 100% of Dubai's energy production capacity from clean energy sources by 2050.

  The procurement proceedings are under way for MBR Solar Park's seventh phase, which will include a 1,600MW solar PV plant and a 1,000MW battery energy storage system (bess) plant, providing up to six hours of storage.

  The 250MW pumped hydropower storage project in Hatta is also nearing completion.

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  Jennifer Aguinaldo
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  Market awaits Hidd IWP prequalified developers Jennifer Aguinaldo

  5 May 2025

  

   

  The list of prequalified developers that can bid for Bahrain Electricity & Water Authority's (EWA) first independent water project (IWP) is still undergoing final approval by the country's tender board, according to a source familiar with the project.

  The Al-Hidd seawater reverse osmosis (SWRO) plant is expected to have a production capacity of about 60 million imperial gallons a day (MIGD), equivalent to approximately 272,000 cubic metres a day (cm/d) of potable water.

  EWA received statements of qualifications for the contract from interested companies by 25 December.

  According to industry sources, the following companies have sought to prequalify for the contract:

  • GS Inima (South Korea/Spain) / Lamar Holding (local)
  • Acwa Power (Saudi Arabia)
  • Abu Dhabi National Energy Company (Taqa, UAE)  

  The facility will be developed on a brownfield site and is expected to be fully operational by the second quarter of 2028. It is expected to help expand Bahrain’s water infrastructure to meet projected demand based on its 2030 masterplan.

  The Al-Hidd IWP will be developed using a build, own and operate (BOO) model, with a duration of 20-25 years.

  MEED understands that the project's request for proposals is expected to be issued soon after the list of prequalified developers receives approval from Bahrain Tender Board.

  EWA had previously notified companies that had been prequalified to bid for another BOO project.

  The Sitra independent water and power project (IWPP) is a combined-cycle gas turbine (CCGT) plant that is expected to have a production capacity of about 1,200MW of electricity. The project’s SWRO desalination facility will have a production capacity of 30MIGD of potable water.

  The plant is Bahrain’s fourth IWPP, replacing the previously planned Al-Dur 3. The Sitra IWPP is expected to be fully operational by the second quarter of 2029.

  EWA’s transaction advisory team for the two BOO projects comprises KPMG Fakhro as the financial consultant, WSP Parsons Brinckerhoff as the technical consultant and Trowers & Hamlins as the legal consultant.

  MEED understands that EWA’s Sitra IWPP will likely be Bahrain’s last CCGT plant project. Solar power is expected to account for all future electricity generation capacity.

  Bahrain aims to reach net-zero carbon emissions by 2060.

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  Jennifer Aguinaldo
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  Masdar completes Terna Energy acquisition Jennifer Aguinaldo

  5 May 2025

  Greece's Terna Energy has delisted from the Athens Stock Exchange (Athex) following the acquisition of 100% of its shares by UAE-based Abu Dhabi Future Energy Company (Masdar).

  Masdar acquired 70% of Terna Energy from its parent GEK Terna and other shareholders in November last year, in a deal that gave the company an enterprise value of €3.2bn ($3.6bn).

  An all-cash mandatory tender offer and squeeze-out process for the remaining 30% of the company, at €20 a share, was completed last month.

  Masdar said in November that the transaction is the largest-ever energy transaction on Athex and one of the largest in the European renewables market.

  The deal is expected to provide significant capital investment in Greece and other European countries, supporting Terna Energy's contribution to Greece's National Energy and Climate Plan and the EU's net zero by 2050 target.

  It will also boost Masdar's target to develop a portfolio of 100GW of global renewable energy capacity by 2030.

  "Bringing Terna Energy into the Masdar family strengthens our position in Greece and the wider region, enabling us to [expedite] the growth of renewable energy solutions and unlock the investment needed to empower nations to achieve their clean energy targets," said Sultan Al-Jaber, UAE Industry & Advanced Technology Minister, head of Abu Dhabi National Oil Company (Adnoc) and Masdar chairman.

  "This acquisition also demonstrates the commitment of both the UAE and Masdar to bringing affordable, secure and sustainable energy to all."

  Masdar has retained France's Rothschild & Co as sole financial adviser, and the UK's Simmons & Simmons, Greece's Bernitsas Law and the US-headquartered Latham & Watkins as legal advisers, in connection to the transaction and financing.

  US firm Reed Smith and Greece's PotamitisVekris were GEK Terna's international and Greek legal advisers for the transaction, respectively, while US-based Morgan Stanley has been acting as sole financial adviser to Terna Energy.

  According to Masdar, the delisting from Athex follows a productive first quarter for Terna Energy, which has seen the continuation of construction on projects in Greece and Bulgaria, including the Amphilochia pumped storage hydropower project, Masdar’s first such project in Europe.

  The business has also reached final investment decisions on new solar, wind and battery projects with a combined capacity of 250MW. These plants are due to be operational within the next two years, Masdar said.

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  Jennifer Aguinaldo
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  Marafiq and Doosan Enerbility agree plant fuel conversion deal Jennifer Aguinaldo

  2 May 2025

  Saudi Arabia’s state-owned utility company, Power & Utility Company for Jubail & Yanbu (Marafiq), has signed a contract with South Korea’s Doosan Enerbility to convert an oil-fired power plant in Yanbu into a gas-fired power plant.

  The fuel conversion contract for Yanbu 2 is valued at KRW180bn ($129m), the South Korean firm said.

  The project is expected to reduce carbon emissions by 25% while maintaining the same generation capacity.

  Jamal Abdulrahman Omar, vice president of operations and maintenance at Marafiq, and Seungwoo Sohn, CEO of Doosan Enerbility’s power services business group, witnessed the contract signing ceremony in Jubail on 27 April.

  Doosan Enerbility will supply the main equipment, including the combustor and distributed control system, and undertake the plant’s commissioning process by 2028.

  The Yanbu 2 power plant, which was built in 2013 within the Yanbu Industrial Complex, approximately 350 kilometres north of Jeddah, has a capacity of 1,375MW.

  Doosan Enerbility supplied the main components, including the boiler and steam turbine.

  Saudi Arabia is expected to place 1.4GW-worth of new orders for fuel conversion projects in Saudi Arabia during the years up to 2027, the South Korean engineering, procurement and construction (EPC) contractor said.

  In addition to Saudi Arabia, Doosan Enerbility has undertaken several fuel conversion projects in other countries, including Chile and Vietnam.

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  READ THE MAY 2025 MEED BUSINESS REVIEW – clck here to view PDF

  Gulf hunkers down as US tariffs let fly; Abu Dhabi looks to secure its long-term economic prosperity; Nesma stays on top as China State moves up in 2025 GCC contractor ranking

  Distributed to senior decision-makers in the region and around the world, the May 2025 edition of MEED Business Review includes:

  > AGENDA 1: GCC shelters from the trade wars > AGENDA 2: Gulf markets slide as US tariff shockwaves hit > AGENDA 3:  Lower oil prices raise Gulf’s fiscal pressure > SYRIA: Syria makes progress towards reunification > GCC CONTRACTORS: Contractors take on more work in 2025 > MINERALS: Saudi Arabia and Oman open up their minerals potential > INTERVIEW: CCED seeks growth in Oman’s hydrocarbons sector > INTERVIEW: Roshn outlines its procurement strategy > LEADERSHIP: Rethinking investments for a lower-carbon future > UAE REPORT: UAE is poised to weather the storm  > GULF PROJECTS INDEX: Gulf projects index inches upwards > CONTRACT AWARDS: Region records $70.3bn of deal signings in Q1 2025 > ECONOMIC DATA: Data drives regional projects > OPINION: Trump’s new world order

  To see previous issues of MEED Business Review, please click here

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  Jennifer Aguinaldo