Phoenix Power Company looking at IPO for 2015
Oman power operator considering offering 35% of capital to investors
Phoenix Power Company, owner of Oman’s Sur IPP currently under construction, is reportedly looking into an initial public offering (IPO) by the summer of 2015, according to the Times of Oman. The report suggests that the paper is considering offering 35% of the US $350 million paid up capital to investors, as part of a contractual commitment with the Omani government to reduce its holding within four years of incorporation.
The Sur IPP project has been valued at $1.6 billion, and will produce 2GW – around 30 percent of total power demand on the Omani grid. Earlier reports had suggest that first power – of 433 MW – was scheduled to come online from April of this year, with full commercial operation from April 2014. Around 60% of the total work on the project has now reportedly been completed.
An IPO has been talked about for some time, with reports in mid-2011 initially naming a 2014 date.
Phoenix Power Company is jointly owned by Marubeni (50% holding), Chubu Electric (30%), Qatar Electricity and Water (15%) and Suhail Bahwan subsidiary Multitech (5%).