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OQ to take interest in Oman renewable projects

8 May 2025

OQ Alternative Energy (OQAE), part of Oman’s state-backed energy group OQ, will be taking shares in Oman’s renewable energy independent power projects (IPP), starting with the Ibri 3 solar scheme.

“The direction seems to be for OQ Alternative Energy to own up to 25% shares in the upcoming solar and wind IPP projects in the sultanate,” says a source familiar with the plans.

Before this development, private developers and investors owned the total shares in such projects, similar to the existing structure in Saudi Arabia.

With this policy change, Oman will now be more closely aligned with the existing project structure in the UAE, where either Abu Dhabi National Energy Company (Taqa), Abu Dhabi Future Energy Company (Masdar) or the state utility, Dubai Electricity & Water Authority (Dewa), owns stakes in these projects.

However, OQAE’s planned 25% ownership share will be slightly lower than the typical 40% to 60% shares that Taqa, Masdar or Dewa owns in the UAE’s renewable energy IPP projects.

Currently, OQAE owns a 51% share in three renewable energy projects being developed in partnership with France’s TotalEnergies for the state-backed firm, Petroleum Development Oman (PDO).

The Riyah-1 and Riyah-2 wind power plants will be located in the Amin and West Nimr fields in southern Oman, while the North Solar project will be situated in northern Oman.

Each plant will have a capacity of 100MW, Total Energies announced in December.

PDO will purchase the electricity from the plants through long-term power-purchase agreements with the developer team, whose 49% shares are owned by TotalEnergies.

OQAE is also part of Hyport Coordination Company, a consortium comprising Belgium’s Deme Concessions and BP Oman. The consortium plans to develop a green hydrogen project in Duqm that can produce more than 50 tonnes a year of green hydrogen in its first phase by 2029.

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Jennifer Aguinaldo

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