Abu Dhabi Future Energy Company PJSC – Masdar and consortium partners Al Khadra Partners, Korea Midland Power Co. Ltd and OQ Alternative Energy reached financial close for the Ibri III Solar Independent Power Project in Oman. The project was developed for Nama Power and Water Procurement and was described as the country’s first utility-scale solar facility integrated with battery storage. Ibri III combined a 500 MW solar photovoltaic plant with a 100 MWh battery energy storage system. Financing facilities were secured from Natixis and First Abu Dhabi Bank, covering a substantial portion of total project costs of around $300 million. The power purchase agreement was signed in September and the project scope included design, construction, ownership, financing, operation and maintenance. The facility is expected to supply electricity to around 33,000 homes and avoid approximately 505,000 tonnes of carbon dioxide annually. Prior to this,Masdar closed financing for a 300 MW solar and battery energy storage project in Uzbekistan.