DUQM, DEC 11
Vulcan Green Energy and OQ Alternative energy recently signed an agreement to establish a joint clean energy venture that will provide round the clock clean energy.
The project, known as the Integrated Energy Valley (IEV), aims to combine solar, wind and energy storage to provide 24/7 clean electricity.
Vice Chairman of Vulcan Green Steel — a Jindal Steel subsidiary, Venkatesh Jindal, made the announcement during the recent Vulcan Green Steel plant groundbreaking event, “We have recently launched a green energy venture in Oman Vulcan Green Energy, which is setting up the first of its kind integrated Energy Valley or IEV in partnership with OQAE. The IEV is a pathbreaking project that is combining solar, wind, and energy storage to provide round the clock 24/7 green electricity for the first time in Oman to power large energy intensive industries such as steel and aluminium.”
He noted that the project has the potential to fulfil Oman’s plans for economic diversification. “The IEV project aligns seamlessly with Oman's Vision 2040 to reduce the nation's dependence on fossil fuel based electricity and boosting economic diversification away from oil and gas. I'm confident that the IEV will also help boost investment and job creation in the Sultanate, as now special economic zones like Duqum can also market and offer investors not only access to a world class port and other infrastructure, but also round the clock green electricity.”
According to a Senior Advisor the project has a capacity of 3 million gigawatts.
The project is expected to take place in the Special Economic Zone at Duqm, Oman’s Green Energy Hub, which amassed over $20 billion in investments over the last year to establish the country’s first green hydrogen projects in line with its commitment to curb carbon emissions by 2050.
The industrial sector in Oman is the highest carbon emitting sector and makes up for around 32 per cent of emissions annually.
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