ACWA Power secures SAR 1.33 billion agreement to extend energy and water purchase in Oman

ACWA Power has disclosed that Barka Water and Power Company has been granted a letter of award by Nama Power and Water Procurement to extend the purchase of power and water from the power purchase project in Oman, valued at $356 million (SAR 1.33 billion).

In a statement released on Thursday on Tadawul, the company outlined that the award entails the extension of the power production station’s operation for 8 years and 9 months, effective from June 1, 2024. Additionally, the water production station’s operation will be extended for 3 years, starting from September 1, 2024, with the possibility of further extension. Nama Power and Water Procurement Company holds a term of 3 years, with an additional extension option of 2 years and 9 months, totaling 8 years and 9 months.

Barka Water and Power Company accepted the award on April 24, 2024, and has initiated efforts to finalize and approve the power and water purchase agreement, along with other relevant project agreements, with Nama Power and Water Procurement Company.