The News
An Omani power company plans to develop solar power projects with more than 4,500 megawatts of capacity by 2030, nearly doubling the country’s previous renewable energy target.
Nama Power and Water Procurement Co. said it will invest $2.8 billion in the solar projects, with the total rising to over $5 billion when including wind and gas power initiatives.
Oman is ramping up renewable energy efforts to reduce domestic hydrocarbon consumption and fuel its green hydrogen ambitions.
The sultanate aims to become the world’s sixth-largest hydrogen exporter by 2030, with its hydrogen sales projected to surpass LNG by 2050.
The transition will require substantial investment: The IEA estimates $33 billion will be needed for renewable power, electrolysis, and ammonia facilities.