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ACWA Power said its subsidiary, Barka Water and Power Company, has received a letter of award from Oman’s Nama Power and Water Procurement Company (PWP) for extending the power and water purchase agreement.
The award includes extending the operation of the power plant for eight years and nine months, with operations starting from June 1, 2024, the company said in a statement to the Saudi stock exchange on Thursday.
The three-year extension of water plant operations will start from September 1, 2024. In addition, the PWP can grant an extension for a further term of three years and another term of two years and nine months.
The total value of the agreement is SAR 1.34 billion ($356 million).
In a statement on the Muscat Stock Exchange, Barka Water and Power Company said the company is working with PWP on finalising and approving the power and water purchase, as well as project agreements.
(Writing by D Madhura; Editing by Anoop Menon)
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