ACWA Power takes full ownership of NOMAC
Sogex Oman sells power firm its 35% stake
Saudi Arabia’s ACWA Power has reported that it has completed the acquisition of Sogex Oman’s 35% stake in the First National Operation and Maintenance Company (NOMAC), to become the full owner of the firm. NOMAC was originally a joint venture between the pair, and the transaction is based on a share purchase agreement.
“We are pleased to take full ownership of this company and add it to our growing portfolio as a landmark event in the history of ACWA Power, a testimony that we do not need to rely on partnership expertise to fulfill our objective of being an integrated Developer, Owner & Operator of Power and Desalinated Water Plants.
“This acquisition is a natural progression in our growth strategy as it is part of our concentrated efforts aimed at enhancing the productivity of our well established assets in Saudi Arabia,” said Paddy Padmanathan, CEO and President at ACWA Power.
NOMAC is a leading independent operations and maintenance services provider for the power and desalination sectors, with current operational responsibility for eight projects – including Shuaibah IWPP, Qurayyah IPP and Shuqaiq IWPP. The firm is currently responsible for over 10,000 MW of power generation.
ACWA Power Chairman, Mohammed Abunayyan, said “This acquisition will streamline our business so that the operations of ACWA Power will take complete control of the O&M function to ensure optimisation of plant operations thus providing a fully integrated holistic environment which encompasses project development and/or acquisition, management and operation and maintenance. Taking full ownership of NOMAC will also give us the ability to control and utilise the resources of the company in the most effective and efficient manner to ensure maximum added value for stakeholders.”