With the aim to fulfill green energy requirements for power operations of the world’s largest green hydrogen-ready steel plant in the Special Economic Zone at Duqm (SEZAD), Oman has started Integrated Energy Valley (IEV) initiative. With an investment of $3 billion, the first of-its-kind project will be fully operational in 2027.
As per reports, renewable wind and solar power will provide around 16 hours of electricity daily for the Vulcan Green Steel (VGS) plant, while efforts are on to explore additional energy storage options to bridge the remaining 7 to 8 hours to ensure 24×7 energy supply.
It may be recalled that the foundation laying ceremony of the project was held, recently, under the auspices of Dr Ali bin Masoud al Sunaidy, Chairman of the Public Authority for Special Economic Zones and Free Zones, and Naveen Jindal, Chairman of Jindal Group.
Dwelling on IEV, Venkatesh Jindal, Vice Chairman, VGS, said an MOU has been signed with the OQAE (the Alternative Energy vertical of OQ Group) to explore joint development of an Integrated Energy Valley (IEV), a first of its kind project in GCC.
“One of the most attractive parts of this project is the continuous exploration of Integrated Energy Valley (IEV), a first-of-its-kind project in the GCC. We leave no chance to use renewable energy sources extensively,” Jindal said.
He further added, “Such an initiative combines solar, wind and energy storage to provide round-the-clock, cost-competitive green energy to meet the growing decarbonisation needs of large industries in Oman, such as VGS. The IEV initiative aims to secure the plant’s green energy requirements until renewable hydrogen becomes available at Duqm.”
Since Oman has a ‘Vision 2040 and the National Energy Strategy’ to derive at least 30 per cent of electricity from renewables by 2030, the country has always been exploring ways to expand its electricity generation capacities through renewable independent power projects (IPPS).
