Al Batinah Power Company

What Al Batinah Power Company does

Al Batinah Power Company SAOG is a publicly-listed Omani Independent Power Producer that owns and operates the Sohar-2 IPP, a single 744 MW combined-cycle gas turbine (CCGT) power plant located in the Sohar Industrial Port area approximately 200 km northwest of Muscat. The company was incorporated in 2010 following a competitive tender by the Oman Power & Water Procurement Company, achieved full commercial operation on April 3, 2013, and listed on the Muscat Stock Exchange (ticker: BATP) in June 2014. The plant uses two Siemens SGT5-4000F gas turbines combined with an SST5-5000 steam turbine and triple-pressure heat recovery steam generators, achieving demonstrated efficiency of approximately 58% and 99.99% reliability in performance testing.

The company's sole customer is Nama Power and Water Procurement Company (Nama PWP), the government-owned offtaker for power and water capacity in Oman. All electricity output is contracted under long-term Power Purchase Agreements — a current PPA running through approximately April 2028 and a newly signed 15-year PPA extending from April 2028 through March 2043. Revenue is overwhelmingly driven by availability-based capacity charges (~97% of total revenues), supplemented by variable output charges and pass-through fuel revenue under a Natural Gas Supply Agreement with the Ministry of Energy and Minerals. Operations and maintenance are handled by STOMO (an ENGIE affiliate), the largest O&M provider in Oman.

The shareholder base comprises internationally experienced energy investors including ENGIE (formerly GDF SUEZ), Suhail Bahwan Group/Multitech, Sojitz Corporation, Shikoku Electric Power (YONDEN), and the Public Authority for Social Insurance (PASI). The company's strategy centers on maintaining plant availability and operational excellence — recognized in 2025 with ENGIE Transition Makers Silver Champion (Operational Excellence) and a Top 3 global finish in the ENGIE Safety Awards — alongside a CSR agenda spanning the Green Schools Initiative, Cybersecurity Initiative for Schools, and STEM programs aligned with Oman Vision 2040. In 2026 the company announced a potential merger with sister company Al Suwadi Power Company, signaling that future growth will be pursued through consolidation rather than greenfield expansion.

Name

Al Batinah Power Company

Legal name

Al Batinah Power Company SAOG

Website

https://albatinahpower.com

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Short description

Al Batinah Power Company SAOG is a publicly-listed Omani Independent Power Producer operating the 744 MW Sohar-2 combined-cycle gas turbine plant, selling 100% of output to government-owned Nama PWP under long-term Power Purchase Agreements.

Ownership category

akta.pro rank

Product category

Independent Power Generation

NAICS

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

SIC

Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Utility-Scale Power Generation Asset Management (EUAEAMAA)

Keywords

• Independent power production
• Combined cycle gas turbine
• Power purchase agreements
• Wholesale electricity generation
• Natural gas power plant

Headquarters

HQ city

Muscat

HQ country

Oman

HQ region

Middle East

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Others

Revenue model

1. Capacity Charges (Availability-Based): Under the PPA, Al Batinah Power receives capacity charges from Nama PWP (formerly OPWP) for the contracted power capacity of approximately 744 MW. These charges comprise approximately 97% of total revenues (excluding fuel revenue) and are payable regardless of actual dispatch levels or generation instructions, covering debt service, fixed operating costs, insurance, taxes, and capital returns.
2. Fuel Revenue (Pass-Through): Fuel revenues and charges are calculated based on natural gas consumption for electrical energy output delivered. Gas price and volume are effectively pass-through costs subject to achieving guaranteed heat rate, with any price increases from the Ministry of Oil and Gas directly passed through in the PPA.
3. Variable Output Charges: OPWP pays variable output charges to cover variable operating costs for power that is made available, providing additional revenue stream beyond fixed capacity charges.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Al Batinah Power is an Independent Power Producer that owns and operates the Sohar-2 IPP, a combined cycle gas turbine (CCGT) power plant with a net capacity of approximately 744 MW located in the Sohar Industrial Port area of Oman. All electricity generated is sold under long-term Power Purchase Agreements to Nama Power and Water Procurement Company (Nama PWP), the sole offtaker for power in Oman, with revenues derived mainly from availability-based capacity charges.

Product overview

Al Batinah Power Company SAOG operates as an Independent Power Producer (IPP) operating the Sohar-2 power plant. The company operates a single core asset: a 744 MW combined cycle gas turbine (CCGT) power plant that generates electricity for sale under long-term Power Purchase Agreements with Nama Power and Water Procurement Company. The plant uses Siemens SGT5-4000F gas turbines and SST5-5000 steam turbine technology, with all output contracted to the single offtaker (Nama PWP). The company recently secured a new 15-year PPA extending operations from April 2028 to March 2043.

Differentiator

Problem solved

Functional benefit

Products and services

• Sohar-2 Independent Power Plant (IPP) Electricity Supply Wholesale electricity generated by the 744 MW Sohar-2 combined cycle gas turbine power plant, sold under 15-year Power Purchase Agreements to Nama Power and Water Procurement Company (Nama PWP), the sole offtaker for power in Oman, for delivery into the Main Interconnected System.

Quantifiable outcome

• 99.99% reliability achieved in FY 2013
• +2 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

Feature5 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• Sun Tech CompanyminorStrategic or Co-development Partner · 13 November 2025Partner for solar energy project implementation under the Green Schools Initiative. Signed agreement with Sun Tech Company to implement a solar energy project for Somrah School in Wilayat of Samail, supporting environmental sustainability and promoting SME participation with high Omanization levels.
• Al Suwadi Power CompanycoreStrategic or Co-development Partner · 6 November 2025Sister company jointly sponsoring CSR initiatives including Green Schools Initiative, Cybersecurity Initiative for Schools, and STEM Oman Program. Both companies operate 750 MW IPPs and share common shareholders (ENGIE, Suhail Bahwan Group).
• Nama Power and Water Procurement Company (Nama PWP)coreStrategic or Co-development PartnerNama PWP is the sole procurement entity for power and water capacity in Oman and the primary customer of Al Batinah Power. All power output is contracted under long-term PPA. Nama PWP is responsible for ensuring sufficient electricity production capacity at economic purchase basis to meet Oman's growing demands.
• STOMO (Operated by ENGIE)coreStrategic or Co-development PartnerSTOMO operates and maintains the Sohar 2 plant pursuant to a 15-year O&M agreement. STOMO is indirectly owned by GDF SUEZ/ENGIE and is the largest provider of O&M services in Oman, responsible for approximately 3,675 MW of electricity and 270,000m3/day potable water. Maintenance of gas turbines subcontracted to Siemens AG.
• Siemens AGcoreTechnology or IntegrationEquipment supplier and maintenance provider for gas turbines (SGT5-4000F) and steam turbines (SST5-5000). Specialized maintenance subcontracted by STOMO on long-term basis; capabilities among the best globally for heavy-duty gas turbines.
• Ministry of Energy and Minerals (MEM)coreOthersGovernment ministry responsible for natural gas procurement and delivery to the Plant. Long-term Natural Gas Supply Agreement (NGSA) secures gas supply over PPA period. MEM ensures gas meets minimum quality standards.
• Authority for Public Services Regulation (APSR)minorOthersRegulatory authority responsible for regulating quality of service, customer bills, and efficient operation of the electricity sector within Oman.

Scale indicators5 records

Recent moves7 records

Expansion highlights4 records

Broad incumbents

• ENGIE: Global energy major and Al Batinah's largest sponsor / O&M parent with ~27,000 MW of GCC power capacity. Comparable as a global IPP operator and as the indirect operator of Al Batinah via STOMO, with overlapping CCGT technology and PPA structuring expertise.
• ACWA Power: Saudi-listed (TADAWUL) global IPP/IWPP developer and operator with large GCC portfolio of gas, renewable, and desalination assets. Comparable business model (long-term PPAs, project finance, single offtakers) at significantly larger scale and broader regional footprint.
• Qatar Electricity and Water Company (QEWC): Qatari-listed integrated power and desalination operator with multiple long-term PPAs and government offtake structures analogous to Oman's IPP framework. Comparable regulated utility/IPP business model in a neighboring GCC market.
• Saudi Electricity Company (SEC): Saudi-listed national utility with integrated generation, transmission, and distribution across Saudi Arabia. Broader in scope than Al Batinah but comparable on regulated GCC power sector dynamics and large-scale CCGT / combined cycle generation.
• OQ SAOC: Oman integrated national energy company with upstream gas production and downstream power/water interests. Relevant as the upstream gas supplier side of Al Batinah's fuel chain and as a major Omani energy-sector counterparty.

Regional players

• Sembcorp Industries: Singapore-listed energy and urban developer that operates the Salalah Power and Water Plant in Oman under similar long-term PPA / sector-law framework. Directly comparable on GCC IPP operating model, though with broader Asia-Pacific diversification.

Others

• Marubeni Corporation: Japanese general trading company with a global IPP investment portfolio across the Middle East, Asia, and the Americas. Comparable as a strategic minority shareholder/IPP investor archetype (analogous to Sojitz and YONDEN at Al Batinah) and as a developer of independent power projects.
• Sojitz Corporation: Japanese trading company and existing Al Batinah shareholder with an explicit IPP investment focus in the Middle East and Southeast Asia. Comparable as an IPP investor with overlapping GCC exposure and project-finance capability.

Direct peers

• Phoenix Power Company: Omani IPP operating the 2,000 MW Sur IPP, also listed on MSX, and one of the three companies (with Al Batinah and Al Suwadi) that together deliver over 3,500 MW — about half of Oman's gas-based capacity. Direct comparable on PPA economics, regulatory framework, and shareholder composition.
• Al Suwadi Power Company: Sister Omani IPP operating a ~750 MW CCGT plant at Sohar Industrial Port on substantially identical PPA, shareholder, and O&M arrangements. Announced merger target in 2026 with shared ENGIE/Suhail Bahwan sponsorship — the most direct comparable in scale, geography, and contractual structure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/al-batinah-power-company-saog

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

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 Al Batinah Power Company