Singapore SWF investment to bolster Omani green energy mega project

Strong fillip: GIC announces equity investment in InterContinental Energy, which is developing major green energy projects, including one in the Sultanate of Oman in partnership with OQ and EnerTech

Plans for the development of a mega green hydrogen project in the Sultanate of Oman have received a further shot in the arm with Singapore’s sovereign wealth fund (SWF) announcing a strategic equity investment in a key developer behind the Omani venture.

Singapore-based GIC, which is estimated to manage assets valued in excess of $740 billion, announced last week that it would invest in Hong Kong-headquartered global energy developer InterContinental Energy (ICE), which is promoting a large portfolio of world-scale green hydrogen schemes in key locations, including the Sultanate of Oman.

In the Sultanate of Oman, ICE has teamed up with OQ, the integrated state-owned Omani energy group, and EnerTech Holding, a Kuwaiti state-owned enterprise, to develop Green Energy Oman (GEO), billed as one of the world’s largest green energy ventures, in Al Wusta Governorate.

At full capacity, Green Energy Oman will be powered by 25 gigawatts (GW) of solar and wind generation capacity, to enable the production of 1.8 million tonnes per annum of green hydrogen and 10 million tonnes of green ammonia. A Final Investment Decision (FID), slated sometime in early 2026, will pave the way for construction work on Green Energy Oman to commence in 2027.

While the size of its equity investment in ICE was not disclosed, GIC said it supports ICE’s “global hydrogen vision” encompassing the development of large-scale green hydrogen projects in the Sultanate of Oman, Western Australia and Saudi Arabia.

“This is a strategic investment to position GIC early for the emerging hydrogen economy. We believe that in time, hydrogen will play a crucial role in decarbonisation globally and that InterContinental Energy will be a key player in this transformation,” Ang Eng Seng, Chief Investment Officer of Infrastructure at GIC, said in a statement.

ICE’s current portfolio of projects entail the development of an unrivalled 200 gigawatts (GW) of wind and solar capacity to support the production of over 14 million tonnes per annum of green hydrogen or 80 million tonnes of green ammonia.

These ventures will help offset over 200 million tonnes of CO2 per annum and potentially create more than 100,000 direct and indirect jobs in the countries where they are implemented.

Welcoming GIC’s equity investment, ICE Chief Executive Officer Alexander Tancock added: “InterContinental Energy has an ambitious vision, together with our partners, customers and stakeholders, to deliver green fuels at scale, and we are excited to have GIC on board as an investor, who share the same long-term commitment to global decarbonisation.”