Oman’s 120 MW JBB wind project hits financial close
A consortium led by EDF power solutions, Al Khadra Partners, and OQ Alternative Energy (OQAE) officially announced the successful achievement of financial close for the 120-megawatt (MW) Jaalan Bani Bu Ali (JBB) Wind Independent Power Project.
As nations accelerate their shift away from carbon-intensive power generation, the challenge lies not merely in the technological deployment of renewable infrastructure, but in the intricate financial and operational orchestration required to bring these projects to fruition.
In the Sultanate of Oman, where the commitment to sustainability is firmly rooted in the ambitious framework of Vision 2040, the transition to a greener grid is moving from conceptual planning to concrete, large-scale implementation.
For industrialised and emerging economies alike, the primary hurdle in scaling renewable energy has historically been the gap between policy goals and actionable, bankable infrastructure. Developing utility-scale wind farms requires more than just geography; it demands the alignment of government procurement, private sector investment, and technical expertise. The financial close of a major project is often the most significant milestone in this journey, signalling that a project has secured the necessary capital, risk mitigation, and contractual stability to move from the boardroom to the construction site.
Oman has been systematically laying the groundwork for this transition, aiming to increase the share of renewable energy in its national electricity mix to at least 30 per cent by 2030. This strategy serves a dual purpose: supporting the Sultanate’s Net Zero 2050 ambitions while ensuring long-term energy security through diversification. Within this market context, the ability to attract international consortiums to develop infrastructure has become a key indicator of the country’s growing appeal as a hub for sustainable investment.
This week, the Sultanate marked a significant step forward in this journey. A consortium led by EDF power solutions, Al Khadra Partners, and OQ Alternative Energy (OQAE) officially announced the successful achievement of financial close for the 120-megawatt (MW) Jaalan Bani Bu Ali (JBB) Wind Independent Power Project.
The project follows the execution of a 20-year Power Purchase Agreement (PPA) with Nama Power and Water Procurement Company (Nama PWP). Located in the South Al Sharqiyah Governorate, approximately 440 km from the Port of Duqm, the wind farm is set to become one of the country’s most prominent onshore wind energy initiatives. The facility will comprise 16 wind turbines, each boasting a generation capacity of 7.7 MW, and is expected to commence commercial operations in the third quarter of 2027.
The environmental and economic implications of the JBB Wind Project are substantial. Once operational, the farm is projected to supply renewable electricity to more than 13,500 Omani households annually while avoiding over 270,000 tonnes of CO₂ emissions each year. Beyond the environmental gains, the project is designed to bolster local economic development, creating opportunities for skills transfer, job creation, and enhanced participation for Omani businesses during both the construction and operational phases.
Reflecting on the achievement, Luc Koechlin, CEO Middle East of EDF power solutions, said: "Achieving financial close on the JBB Wind Project is a major milestone for all partners involved and demonstrates the confidence of lenders in both the project and Oman's renewable energy market."
This milestone reaffirms the viability of Oman’s renewable sector and underscores the collaborative approach required to drive the Sultanate toward its long-term decarbonisation objectives.