Sultanate of Oman’s First Wind Power I-REC Registration and Auction

Nama Power and Water Procurement Company (Company), a member of Nama Group, has recently completed its registration with the International Renewable Energy Certificates (I-RECs) Standard for the 50-megawatt (MW) utility-scale wind power project located in Dhofar, the Sultanate of Oman. This is the first wind project to be registered in the GCC Countries against the I-RECs Standard, demonstrating an important milestone for the Sultanate of Oman, who recently announced its 2050 Net Zero ambitions. Based on Oman Vision 2040, the renewables target is to reach 30% generation by 2030 and 39% by 2040. The Company has embraced this target and expects to reach 31% renewable energy generation by 2030 as low costs are now driving renewable energy development on their economic merits alone.

Certification of these energy flows will become increasingly important for consumers that demand or require choices in the way that they procure electricity. Some companies, for example, may wish to demonstrate that they are meeting renewable energy procurement requirements, while others may be looking to reduce their greenhouse gas emissions. To properly report the use and consumption of renewable energy for a company’s emissions, the company must own and redeem a validated energy attribute certificate (EAC) like I-RECs.

The I-REC Standard is a global certification standard for EACs that was created by the I-REC Standard Foundation, a non-profit organization based in the Netherlands.

Following coordination with the Ministry of Energy and Minerals and the Authority for Public Services Regulation, the Company will commence its first auction for the sale of the I-RECs of the Dhofar wind farm during October 2023. Local entities will have the opportunity to purchase I-RECs to demonstrate that they are meeting their own renewable energy procurement requirements or reduce their greenhouse gas emissions.

This auction demonstrates the continuous strides taken by the Company and more broadly the Sultanate of Oman to maximise the utilisation of renewable energy projects in the Sultanate to enable an energy transition that is aligned with the Sultanate of Oman’s Net Zero target.