Kim & Chang advised Korea Midland Power Company (“KOMIPO”) as part of a consortium including Masdar (Abu Dhabi Future Energy Company), Al Khadra Partners and OQ Alternative Energy for the Ibri III project in Oman. The KOMIPO-invested consortium achieved financial close on a project financing facility of approximately USD 300 million (Dh 1.1 billion) arranged by Natixis and First Abu Dhabi Bank.

The financing supports the 500MW solar PV and 100MWh battery energy storage system (BESS) Ibri III project, valued at around USD 400 million, Oman’s first utility-scale solar-plus-storage system. It aims to supply power to roughly 33,000 homes, supporting Oman’s renewable energy goals and strengthening the country’s position as a regional clean-energy hub.

The KOMIPO-invested project company recently signed a long-term power purchase agreement (PPA) with Oman’s sole power procurer, and expects commercial operations to commence in Q1 of 2027.