Sur IPP (Natural Gas-fired Combined Cycle Power Plant Project)

  • Area: The Middle East
  • Infrastructures
  • Environment
  • [Project Finance]

Project Outline

Project Description Build, own, and operate a natural gas-fired combined cycle power plant with a capacity of 2,000 MW, and sell the electricity generated to the Oman Power and Water Procurement Company (OPWP) for 15 years.
Project Company Phoenix Power Company S.A.O.C. incorporated in the Sultanate of Oman
Location Sur, the Sultanate of Oman (about 150km southeast of Muscat, the capital city)
Loan Signing November 21, 2011
Sponsors Marubeni Corporation (Marubeni), CHUBU Electric Power Co., Inc. (Chubu Electric Power), Qatar Electricity & Water Company Q.S.C., Multitech L.L.C.
Related Japanese Companies Marubeni, Chubu Electric Power, Mizuho Corporate Bank, Ltd.
Total Cofinancing Amount Approx. 1.245 billion US dollars
JBIC Loan Amount Approx. 690 million US dollars

Loan Outline

  • This project is a form of overseas integrated infrastructure system deployment project led by Marubeni and Chubu Electric Power.
  • This is an important project, which, at the time of its completion, will meet about one quarter of the national power demand in the Sultanate of Oman, a country where power demand is projected to increase by an annual average of more than 9%.
  • This is JBIC's first loan for an IPP project in the Sultanate of Oman, and will contribute to strengthening the multilayered bilateral relationship between the Sultanate of Oman and Japan, which go beyond the linkages of trade in natural resources. This will be done by supporting the development of power generation infrastructure in the resource-endowed Sultanate of Oman.
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