MUSCAT: SMN Power Holding SAOG, a Muscat-based investor in power and water projects in the Sultanate of Oman, has announced that two of its wholly-owned power subsidiaries have received Letters of Award from the national power offtaker that would allow for the plants to remain in operation beyond the respective terms of their Power Purchase Agreement (PPA).
In filings to the Capital Market Authority (CMA), SMN said its 99.9% owned subsidiary, Al Rusail Power Co SAOC, has received a Letter of Award from Nama Power and Water Procurement Company (PWP) for a new Power Purchase Agreement (PPA” for a 6-year term.
“The Company has accepted the award on 22nd February 2024 and is currently working with PWP on the finalization and approval of the PPA and other project agreements. Further updates will be announced in due course,” it stated.
In a separate filing, the holding company said its 99.9% owned subsidiary, SMN Barka Power Co SAOC, has also received a Letter of Award from Nama PWP for a 9-year term.
The Company wishes to take this opportunity to express its gratitude to the Authority of Public Services Regulation (APSR), PWP, its shareholders, Board of Directors and other stakeholders for their continued support and collaboration throughout the Power 2024 tendering process and is looking forward to continuing to be working with PWP and other stakeholders during the new PPA term,” it further added.
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