Swiss and German Funders Drive $2 Billion Solar Supply Chain Project in Oman

---

Written by Richard Finlayson, Senior International Editor for Industrial Info Resources (Sugar Land, Texas)--A renewable power project launched in Oman has a strong developmental dimension with manufacturing, training and technology transfer as central parts of the overall scheme.

Terra Nex (Zug, Switzerland), a global wealth management company focused on the Middle East, in collaboration with Germany's Middle East Best Select (MEBS), is planning to invest $2 billion to develop solar power technology and applications in Oman. Investors will provide the $2 billion, of which $600 million will be direct equity capital. The balance will come from European funders. A private investment fund has been launched by MEBS with an initial investment of $200 million.

With foreign investment backing, the project will develop all the elements of the solar energy supply chain, including the local manufacture of all the components required, Sheikh Hilal Bin Khalid Bin Nasser Al Maawai, the local partner for Terra Nex and MEBS, told an Oman-German business meeting. Terra Nex organized a tour for 70 German investors and arranged meetings with Omani government officials and leaders of the industrial and power sectors.

Solar power stations using photovoltaic (PV) and concentrating solar power (CSP) technologies will be used in the 400- megawatt project. Included in the locally based project will be solar power facilities, solar panel and aluminum frame factories, renewable energy engineering institutes. Other associated sectors also will come under the umbrella of the project. Products of the local manufacturing plants will be for local use and for export.

The project will create more than 2,000 jobs for Omanis. A European university is expected to set up an educational institution to provide training in renewable energy engineering to meet the demand for technically skilled locals.

Siemens AG (NYSE:SI) (Munich, Germany) and other German technology companies will train young Omanis in their factories. Siemens is positioning itself to be a frontrunner for the project EPC contract and main technology transfer on the project.

For related information, see January 16, 2012, article - Dubai Launches 1,000 Megawatt Solar Park Project.

Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, and eight offices outside of North America, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.