Manah 2 PV

Manah 2 PV - a Solar Independent Power Producer in Oman. Capacity 500 MW. Winning consortium: Sembcorp + JinkoPower. LCOE: USD $0.0230/kWh. Status: Operational.

Country

Oman

Procurer

OPWP

City / region

Manah, Al Dakhiliyah

Capacity

500 MW

Status

Operational

LCOE

USD $0.0230/kWh

Winning consortium

Sembcorp + JinkoPower - equity: Sembcorp 80% / Jinko 20%

Procurement timeline

• RFQ: 2021
• RFP: 2022
• Bid submission: 2022
• Preferred bidder: Mar 2023
• Commercial close: Sep 2023
• Financial close: Oct 2023
• PCOD: Dec 2024

Financing

• Capex: USD 390 M
• Debt: USD 270 M (69:31)
• Lenders: BoC Singapore USD 100M syndicate, Sinosure ECA tranche, OMR commercial
• Tenor: ~16 yrs
• Margin: SOFR + 1.4% (BoC)

Technical scope

Process: Bifacial Jinko modules + trackers

Commissioned 4+ months early. Jinko's first Oman project

Notes

Combined Manah I+II ~USD 800M.

EPC contractor: Jinko Power tech supply

Sources

• NS Energy
• Sembcorp tech

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Part of the GulfInfra · GCC Infrastructure Library - a free open-source benchmark of 136 public-private partnership procurements across the GCC. Methodology: how we build this.