Phoenix Power

What Phoenix Power does

Phoenix Power Company SAOG is a publicly listed Omani power generation company (MSM:PHPC) that operates the 2,000 MW Sur Independent Power Project (IPP), a gas-fired power generation facility located in Sur, Oman. The company's core business is electricity generation and wholesale sale under long-term Power Purchase Agreements (PPAs) with Nama Power and Water Procurement Company (Nama PWP), the sole offtaker of power and water in the Sultanate of Oman. The 2,000 MW Sur IPP contributes firm capacity to Oman's Main Interconnected System, supporting grid stability as older generating units retire and renewable energy penetration increases. Phoenix Power is one of three major Omani IPPs — alongside Al Batinah Power (750 MW Barka III) and Al Suwadi Power (750 MW Sohar II) — collectively representing approximately 3,500 MW, or roughly half of the total gas-based generation capacity of the Main Interconnected System covering northern Oman.

The company's revenue model is a contracted, recurring utility structure: all electricity output is sold under confidential, long-dated PPA terms to Nama PWP, with revenue generated through capacity payments and energy payments over a 15-year contract horizon. The newly awarded PPA extends operations from April 2029 to March 2044, providing long-duration cash flow visibility. Phoenix Power is headquartered in Muscat, employs 501-1,000 people, and was founded in 2011. Recent financial signals include 9-month 2025 net profit of 28.4 million Omani Rials and a Q1 2026 quarterly net loss of 2.8 million Omani Rials, indicating a mature, stable business with some near-term margin volatility. There is no product diversification, multi-geography footprint, or AI/ML differentiation indicated in the available data — the investment thesis is anchored entirely on the long-term PPA economics, the regulatory relationship with Nama PWP, and the structural role of the Sur IPP in Oman's energy transition.

Name

Phoenix Power

Legal name

Phoenix Power Company SAOG

Website

https://phoenixpoweroman.com

Company type

Public

Founded year

2011

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Phoenix Power Company SAOG is a publicly listed Omani Independent Power Producer operating the 2,000 MW gas-fired Sur IPP, selling 100% of its electricity output to Nama PWP, the sole government offtaker in Oman, under long-term 15-year Power Purchase Agreements.

Ownership category

akta.pro rank

Product category

Power Generation (Independent Power Production)

NAICS

Fossil Fuel Electric Power Generation (221112), Electric Power Generation (22111)

SIC

Electric Services (4911)

akta.pro primary industry

Commercial Structuring & Offtake (PPAs, CfDs, Corporate PPAs, Merchant Strategy) (EUAMAAAE)

akta.pro secondary industry

Utility-Scale Generator PPAs (Project Offtake) (EUAGADAB)

Keywords

• Gas-fired power generation
• Independent power producer
• Power purchase agreements
• Utility-scale generation
• Electricity supply services

Headquarters

HQ city

Muscat

HQ country

Oman

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Infrastructure, Personnel, Others

Revenue model

1. Electricity generation and sale under PPA: Phoenix Power generates electricity from its 2,000 MW Sur Independent Power Project (IPP) and sells power under long-term 15-year Power Purchase Agreements with Nama Power and Water Procurement Company (Nama PWP). The PPAs run from April 2029 to March 2044, providing long-term financial stability. Revenue is generated through capacity payments and energy payments as contracted.

Go-to-market motion1 record

Distribution channels1 record

Core offering

Phoenix Power operates the 2,000 MW Sur Independent Power Project (IPP), a gas-fired power generation facility located in Sur, Oman. The company generates electricity and sells its entire output under long-term 15-year Power Purchase Agreements (PPAs) to Nama Power and Water Procurement Company (Nama PWP), the sole offtaker of power and water in the Sultanate of Oman. A new 15-year PPA covering April 2029 to March 2044 was awarded in March 2026 as part of Nama PWP's Power 2028-2029 procurement programme.

Product overview

Phoenix Power is an Omani publicly listed power generation company (SAOG) that operates as an Independent Power Producer. The company's primary asset is the 2,000MW Sur IPP, a gas-fired power generation facility. Phoenix Power's core business model involves generating electricity and selling it under long-term Power Purchase Agreements with Nama Power and Water Procurement Company, the sole offtaker of power and water in the Sultanate of Oman. The company recently secured a new 15-year PPA extending from April 2029 to March 2044 as part of Nama PWP's strategy to maintain reliable electricity supply during Oman's energy transition.

Differentiator

Problem solved

Functional benefit

Products and services

• Sur Independent Power Project (Sur IPP) The 2,000 MW gas-fired Sur Independent Power Project located in Sur, Oman. The facility generates electricity sold exclusively to Nama Power and Water Procurement Company (Nama PWP) under long-term Power Purchase Agreements, supplying firm power to Oman's Main Interconnected System.
• Power Purchase Agreement (PPA) - Sur IPP Extension A new 15-year Power Purchase Agreement between Phoenix Power and Nama PWP that secures the continued offtake and operation of the 2,000 MW Sur IPP from April 2029 to March 2044, providing long-term revenue visibility for Phoenix Power and firm power supply for Oman's national grid.

Quantifiable outcome

• 2,000 MW of firm power supply capacity contributing to Oman's energy security
• +1 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core and flagship.

• Nama Power and Water Procurement Company (Nama PWP)coreChannel Partner/ Reseller/ Distributor · 17 March 2026Nama PWP is the sole offtaker and procurement company for power and water in the Sultanate of Oman. Phoenix Power has signed new 15-year Power Purchase Agreements (PPAs) with Nama PWP covering its 2,000 MW Sur IPP. The PPAs commence between 2028 and 2029 and run until 2044-2045, designed to ensure reliable electricity supply as older units retire, enhance cost efficiency, support grid stability amid rising renewable penetration, and provide long-term financial stability for Phoenix Power.
• Al Batinah Power CompanyflagshipStrategic or Co-development Partner · 17 March 2026Al Batinah Power Company operates the 750MW Barka III Independent Power Project and was part of the trio of Omani power companies that received Letters of Award from Nama PWP for new 15-year PPAs as part of the Power 2028-2029 procurement programme. Together with Phoenix Power and Al Suwadi Power, they represent 3,500 MW of gas-fired generation capacity.
• Al Suwadi Power CompanyflagshipStrategic or Co-development Partner · 17 March 2026Al Suwadi Power Company operates the 750MW Sohar II Independent Power Project and was part of the trio of Omani power companies that received Letters of Award from Nama PWP for new 15-year PPAs as part of the Power 2028-2029 procurement programme. Together with Phoenix Power and Al Batinah Power, they represent 3,500 MW of gas-fired generation capacity.

Scale indicators5 records

Recent moves4 records

Expansion highlights3 records

Broad incumbents

• ACWA Power: Saudi-listed regional IPP developer and operator with a large fleet of gas, solar, and water assets across the Middle East and Africa. Overlaps with Phoenix Power as a long-tenor PPA-driven independent power producer serving sovereign and corporate offtakers, though at materially larger scale and across multiple technologies.
• ENGIE: Global integrated utility with significant Middle East and Africa presence, including gas-fired and renewable IPP investments. Shares the long-tenor PPA-driven IPP business model with Phoenix Power, though at a vastly larger and more diversified scale.
• Sembcorp Industries: Singapore-listed energy and urban solutions operator with renewable and thermal generation assets across Asia. Comparable in operating model (long-tenor contracted generation) though geographically and technologically more diversified than Phoenix Power.
• Abu Dhabi National Energy Company (TAQA): Abu Dhabi-based integrated utility with generation, transmission, and distribution assets across the UAE and beyond. Comparable in scale and PPA-driven gas-fired generation profile, but with a diversified portfolio spanning upstream, generation, and water rather than a single-asset focus.
• Saudi Electricity Company: Saudi Arabia's incumbent vertically integrated utility, engaged in generation, transmission, and distribution of power. Comparable to Phoenix Power as a large-scale GCC electricity generator supplying a national grid, though broader in scope, ownership profile, and geographic reach.

Regional players

• Marafiq: Saudi power and water utility operating cogeneration and desalination assets for industrial cities (e.g., Jubail and Yanbu) under long-term offtake contracts. Comparable to Phoenix Power as a long-tenor contracted infrastructure operator in the GCC power-and-water space.
• Emirates Water and Electricity Company (EWEC): UAE federal water and electricity procurer and producer with gas-fired and solar generation assets serving Abu Dhabi and the Northern Emirates. Operates a similar single-buyer offtaker model in a neighbouring GCC market, providing a structural peer comparison.
• Qatar Electricity and Water Company: Qatari IPP/utility engaged in electricity generation and water desalination under long-term PPAs in Qatar. Operates gas-fired generation assets analogous to the Sur IPP but serves the Qatari grid through KAHRAMAA rather than Oman's Nama PWP.

Direct peers

• Al Suwadi Power Company: Omani IPP operating the 750 MW Sohar II Independent Power Project with a comparable 15-year PPA from Nama PWP. Identical business model, regulatory structure, and fuel-source exposure as Phoenix Power, paired as one of the three anchor IPPs in Oman's gas-fired fleet.
• Al Batinah Power Company: Omani IPP operating the 750 MW Barka III Independent Power Project under a long-term PPA with Nama PWP, alongside Phoenix Power in the same Power 2028-2029 procurement programme. Same offtaker, fuel mix, regulatory regime, and procurement tranche make this the most directly comparable peer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/phoenix-operation-and-maintenance-company

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Phoenix Power