Qatar- Nebras Power acquires QEWC shares in Phoenix Power Company

Date

12/30/2015 1:20:57 PM

(MENAFN- The Peninsula)

Doha: Nebras Power has announced that it has entered into an agreement to acquire Qatar Electricity and Water Company (QEWC) stake in Phoenix Power Company (which own Sur IPP in Oman) amounting to 9.75% and Phoenix Operating and Maintenance Co. (that carries the operation and maintenance activities of the plant) amounting to 15%. It is anticipated the completion of the acquisition will take place in January 2016.

On behalf of QEWC the agreement was signed by Fahad bin Hamad Al-Mohannadi Managing Director and General Manager and on behalf of Nebras Power by Khalid M Jolo Chief Executive Officer. The signing ceremony was attended by a number of representatives from both companies.

The installed capacity of Sur IPP is 2000 MW and it is considered to be the largest power plant in the Sultanate of Oman and represent about 28% of the total installed capacity for electrical connection system in the Sultanate and it is expected that this plant will play an important role in meeting the growing energy demand in Oman during the coming years. The project agreements were signed between Oman Power and Water Procurement Company (OPWP) and Phoenix Power Company in 2011 while the commercial operation of the plant started in December 2014. The project is selling the total amount of electricity generated for OPWP through a long-term power purchase agreement expires in 2029. Other project partners are Marubeni Corporation Chubu Electric and Multitech company.

Speaking on the occasion QEWC’s Managing Director and General Manager Fahad Hamad Al-Mohannadi said "We hope that this project will be a qualitative addition to Nebras Power through which QEWC is seeking to expand its international investments while QEWC focuses on investments in power generation and water desalination projects in the Qatari market".

QNA

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