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Nebras Power Acquires 9.9% Equity Stake in a Solar PV
Project in Oman
19
November 2019
Nebras Power announced the completion of the acquisition of a
9.9% equity stake in Amin Renewable Energy Company (“AREC”),
owner of Amin Project in Oman.
This transaction is considered a continuation of the enhancement
of Nebras’s strategy to expand its assets-base via investing in
projects with attractive contracts for generative electricity
and to spread its presence in the Omani power market.
Project Amin is presently under construction and targets to
start generating electricity by end of December 2019. With the
operation of this project by May 2020, the firm will be capable
of generating power that reaches 105 MW which is intended to be
sold to
Petroleum Development Oman LLC over a 23-year Power Purchase
Agreement.
The solar power project comes as part of Nebras’s
international investments series which witnessed an increased
expansion in its international investment portfolio since
inception.
On this occasion, Eng. Fahad bin Hamad Al Muhannadi,
Chairman of Nebras Power declared “Nebras Power is entrusted to
seek new and well structured-profitable investment opportunities
and power projects”. He added “Amin project is a vital
investment opportunity and we trust that it will be a
distinctive addition to
the Company’s assets”.
Commenting on the significance of the deal, Eng. Khalid
Jolo, Nebras CEO said “we are proud of the expansion of our
presence in Oman, which is considered a target market for Nebras
Power. Besides, Amin Project is an addition to the diversified
Company’s portfolio, it will also be a firm for generating a
clean and sustainable power for the Omani citizens for
generations to come”.
Nebras Power, headquartered in Doha – Qatar, is
joint-venture company owned 60% by Qatar Electricity & Water Co.
and 40% by Nebras Holding. Nebras is a strategic investor in
power and water sectors with a global vision. The Company
targets to build a balanced investment portfolio in terms of
diversified technology and markets via development of new and
existing projects. The Company commits to attain safe,
sustainable, efficient and environmentally safe power solutions
for the new generations.
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