Muscat, A’Dhahirah Power Generating Company (AGC) announced the completion of 99.4% of the largest energy project in the Wilayat of Ibri with a production capacity of 1509 megawatts.
The plant is being developed by a consortium of Mitsui and Co. Ltd. holding 50.1% of the shares, ACWA Power and Dhofar International Development and Investment Holding Company (DIDIC) with 44.9% and 5% respectively.
It is expected to commence the commercial operation – on schedule- after the completion of the efficiency testing phase in April 2019.
Eng. Ali Mohammed al-Ra’eesi, Chief Executive Officer of A’Dhahirah Power Generating Company (AGC), representing the consortium, said that the plant is “the largest investment project in the Governorate of A’Dhahirah” with international capital to contribute to the development of the Sultanate’s progress.
He assured that the company is keen to maximize the economic return of the project on local community, through the award of contracts to local companies, providing training opportunities for students and employment opportunities for graduates. “Total contracts awarded to local companies amounted to RO65 million through procurement, logistics services or technical contracts,” he said. Which represents 17% of the total investment of RO372 million (USD 967 Million).
“The company also pledged to provide training opportunities for students of engineering and technical collages in the Governorate of A’Dhahirah, providing training rooms and trainers in this field”, al- Ra’eesi said.
Al- Ra’eesi stressed the vital role played by this project as a catalyst for economic boom in the governorate, and to meet the increasing demand for electricity in light of urbanization in the Governorate of A’Dhahirah in particular, and in the Sultanate in general.
He also assured that the commercial operation of the plant will be in early April 2019.
The two gas-fired combined cycle power plant operates according to the latest global standards to increase the efficiency of operation and production of electricity at a lower price and reduce costs. The energy produced will be pumped into the National Electricity Transmission Network to supply the National Grid with electric capacity to meet the increasing demand for electricity.
The company will also contribute to the national economy by offering part of its shares in Muscat Securities Market via an Initial Public Offering (IPO) next year, providing a promising investment opportunity in a sector characterized by sustained growth and sustainable returns. Especially in light of the company’s acquisition of power purchase contract for 15 years with the state-owned Oman Power and Water Purchase Company (OPWP).
Source: Oman News Agency