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ACWA acquires SOGEX Oman's stake in NOMAC  Join our daily free Newsletter

MENAFN - Muscat Daily - 05/10/2012

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(MENAFN - Muscat Daily) ACWA Power International has acquired the 35 per cent share of SOGEX Oman LLC, a Suhail Bahwan Group company, in First National Operation and Maintenance Company (NOMAC) in Saudi Arabia.NOMAC was originally a joint venture between SOGEX Oman and ACWA Power of Saudi Arabia. With the acquisition of SOGEX Oman's entire 35 per cent stake in NOMAC, ACWA Power has become the 100 per cent owner of NOMAC. The deal is based on a share purchase agreement with SOGEX Oman, according to a press release.''We are pleased to take full ownership of this company and add it to our growing portfolio as a landmark event in the history of ACWA Power, a testimony that we do not need to rely on partnership expertise to fulfill our objective of being an integrated Developer, Owner & Operator of Power and Desalinated Water Plants,'' said Paddy Padmanathan, ACWA Power's president and CEO.He added, ''This acquisition is a natural progression in our growth strategy as it is part of our concentrated efforts aimed at enhancing the productivity of our well established assets in Saudi Arabia''.Mohammed Abunayyan, chairman of ACWA Power said, ''This acquisition will streamline our business so that the operations of ACWA Power will take complete control of the O&M function to ensure optimisation of plant operations thus providing a fully integrated holistic environment which encompasses project development and/or acquisition, management and operation and maintenance''.The chairman added ''Taking full ownership of NOMAC will also give us the ability to control and utilise the resources of the company in the most effective and efficient manner to ensure maximum added value for stakeholders''.NOMAC is responsible for the operation of a portfolio of over 10,000MW of power generation representing 20 per cent of the total power generated/installed in Saudi Arabia.

 






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