OIA unveils $200mn fund to accelerate Oman's energy transition
The 50:50 joint fund starts with US$200mn in capital, equally contributed by FFO and Templewater. According to OIA, the fund is designed to catalyse further investment and unlock opportunities in renewable energy and low-carbon technologies within the sultanate. 'All projects will be Oman-based, underscoring its strategy to become a regional hub for energy innovation.' OIA stated.
The fund will invest in strategic sectors such as clean molecules, green data centres, energy storage, smart mobility, and renewable energy including solar and wind. It will also focus on industrial innovation, energy efficiency, and scalable technologies tailored for Oman and regional markets.
Abdulsalam al Murshidi, President of OIA, described the fund as a key step in positioning Oman as a global leader in renewable energy solutions. 'OIA seeks to attract expertise and global best practices to support the sultanate's ambition to become a leading exporter of clean molecules and renewable energy.'
Cliff Zhang, Chairman and CEO of Templewater, said the partnership reflects confidence in Oman's regulatory landscape and vision for energy security and sustainable growth. 'We are com-mitted to investing in solutions that offer measurable climate benefits and investor confidence.'
Templewater will leverage its international partner network to support the localisation of clean technologies in Oman, aligning with FFO's mandate to stimulate strategic investments and maximise in-country value.
The fund is expected to draw additional institutional capital from both domestic and international investors. It will act as a platform for collaboration between public and private sectors, supporting co-development of commercially viable projects, capacity building and R&D in the renewable space.
This development follows FFO's launch in early 2024 with a capital base of US$5.2bn, 90% of which is allocated to large-scale national projects and 10% earmarked for SMEs and startups. The fund aligns with Oman's net-zero target by 2050 and reflects the sultanate's commitment to the Paris Agreement.
OIA stated that the fund will also contribute to workforce development and innovation, while advancing Oman's aspirations to lead in clean molecule production and renewable energy exports. 'It will also contribute to research and development and the transfer of best international practices, strengthening the sultanate's innovation ecosystem and ensuring both economic and environmental sustainability.'
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