Verus Partners Advises Winning Consortium in Oman
Verus Partners is pleased to announce that the 2000 MW greenfield, gas-fired Sur Independent Power Project (the “Project”); to be located in north-eastern Oman, has been awarded to a consortium advised by Verus Partners.
Phoenix Power Company SAOC, a special purpose company of which Marubeni Corporation, Chubu Electric Power Co., Inc., Qatar Electricity and Water Company Q.S.C and Multitech LLC are the shareholders, has entered into various agreements, including a Power Purchase Agreement (“PPA”) in connection with the Project.
The power sector in the Sultanate of Oman has been aggressively promoted since the early 1990s where ten independent power projects have been developed to date. The site for the Project is located at the Sur Industrial Estate, approximately 150km south east from Muscat on the coast of the Gulf of Oman. The Project includes the design, construction, ownership, financing, operation and maintenance of the facility. Oman Power and Water Procurement Company SAOC will purchase power from the Project under a PPA that runs for 15 years from the scheduled commercial operations date of April 2014.
The financing package of over USD 1 billion for the Project, involving the participation of a number of leading international project finance lenders, is expected to be finalised shortly.