ACWA Power’s unit, Oman-based Nama join forces for $356mln project

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Barka Water and Power Company SAOG (BWPC), a subsidiary of ACWA Power Company, was awarded a project from Oman-based Nama Power and Water Procurement Company.

ACWA Power’s unit was awarded the project on 24 April 2024, while the signing date is expected to be on 27 May, according to a bourse statement.

The two entities will extend the power and water purchase agreement (PWPA) to implement the joint project, which is valued at $356 million (SAR 1.33 billion).

The deal covers the operation process of a power plant for eight years and 9 months term, which will commence on 1 June 2024.

Meanwhile, the water plant will hold a duration period of three years starting from 1 September 2024.

Earlier in April, Dubai Electricity and Water Authority (DEWA) and ACWA Power concluded an AED 3.37 billion desalination project in Hassyan.

In 2023, the Tadawul-listed firm posted 7.90% higher net profits at SAR 1.66 billion, compared to SAR 1.54 billion a year earlier.