OQ inks renewable energy pacts worth $2bn
The agreements, signed by Ashraf bin Hamad al Mamari, CEO of OQ Group, and Najla Zuhair al Jamali, CEO of OQ Alternative Energy (OQAE), involve project development partnerships, financing arrangements with local banks and equipment supply contracts to accelerate clean energy projects.
'These agreements mark a strategic advancement in OQ's renewable energy leadership and reflect our unwavering support for Oman's 2050 net zero goals,' Mamari said. 'Recognising clean and sustainable sources as the future of energy, we're collaborating with national and international partners to establish new investment opportunities in clean energy infrastructure.'
The deals cover major projects including high-capacity solar and wind installations in Suhar and Duqm, such as the Riyah-1 and Riyah-2 plants and the North Oman Solar Project. These facilities will supply clean power to the national grid and oil and gas production sites under long-term offtake agreements, significantly reducing carbon emissions.
As part of its broader decarbonisation strategy, OQ also signed a deal with Japan's Mitsubishi Heavy Industries to conduct pre-feasibility studies for carbon capture technologies across its assets in Oman. The partnership will assess the full CO₂ value cha-in, from capture and transport to utilisation and storage, to build commercially viable business cases.
The agreements extend to major industrial clients including Jindal, Vale Oman, Oxy and United Solar Polysilicon, ensuring secure renewable power supply as they transition to more sustainable operations.
The deals also emphasise industrial localisation, with a focus on boosting in-country value through partnerships like one with Voltamp for local transformer manufacturing, supporting Oman's goal to become a regional clean energy hub.
OQAE's Najla said, 'These agreements operationalise our strategy to promote renewable energy and accelerate the transition to a low-emission economy. These partnerships demonstrate international confidence in OQ's capabilities and investment framework as we expand our portfolio of high-quality projects.'
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