Qatar Electricity and Water Company (QEWC) announced that Nebras Energy, a subsidiary of the group, has acquired a 9.9% stake in Amin Renewable Energy Company (AREC), which owns the Amin project in Oman.
The deal is a continuation of Nebras’ strategy to expand its asset base by investing in projects with attractive deals to generate electricity and expand its presence in the Omani energy market.
The Amin project, currently under construction, aims to start generating electricity from solar energy in late December 2019. Once the project is fully operational by May 2020, the plant will have a power generation capacity of 105 MW, and the power generated will be sold to Petroleum Development Oman (PDO), through a 23-year purchase agreement.
“The company is mandated to seek investment opportunities and new energy projects that are well structured and profitable to invest in,” said Nebras Chairman, Fahad bin Hamad Al Mohannadi.
Nebras Energy, headquartered in Doha, Qatar, is a joint venture between Qatar Electricity and Water Company (60%) and Qatar Holding (40%).
