On September 29, 2016, Mitsui & Co., as part of a consortium together with Saudi Arabian power company ACWA Power and Dhofar International Development and Investment Holding Co. SAOG of Oman, fulfilled preconditions set by Oman Power and Water Procurement Company SAOC and closed financing*¹ on the Ibri and Sohar-3 power generation projects. The total amount of financing was $1.33 billion, including $660 million for the Ibri project and $670 million for Sohar-3 project. Ibri will produce 1,509MW of electricity and Sohar-3 will produce 1,710MW, giving a total power generation capacity of 3,219MW and making it the largest-scale power generation business in Oman. Mitsui will leverage its considerable expertise cultivated through the operation of overseas power generation businesses and its strong track record in Oman to realize the early start of commercial operations and build a stable operating structure for this project.
*¹ Close financing: when all parties involved reach an agreement on investment and loans for a project. Completion of the financing process.