AL SUWADI POWER CO SAOC

What AL SUWADI POWER CO SAOC does

Al Suwadi Power Company SAOC is an Oman-based Independent Power Producer (IPP) that operates the Barka-3 power plant, a 744 MW combined cycle gas turbine (CCGT) facility located approximately 80 km northwest of Muscat in the vicinity of the Barka-1 and Barka-2 IWPPs. The plant entered full commercial operation on 3 April 2013 and uses Siemens SGT5-4000F gas turbines paired with triple-pressure heat recovery steam generators and a Siemens SST5-5000 steam turbine, achieving a demonstrated net efficiency of 58% and 99.99% reliability in FY 2013. All generated electricity is sold to a single government-owned off-taker, Nama Power and Water Procurement Company (formerly OPWP), under a 15-year Power Purchase Agreement that was recently extended through a new PPA covering April 2028 to March 2043.

The company operates a Build-Own-Operate (BOO) concession under Oman's established IPP/IWPP framework, generating revenue from three streams: capacity charges (approximately 97% of non-fuel revenue, payable regardless of dispatch), variable output charges covering variable operating costs, and fuel pass-through revenue tied to natural gas consumption. Fuel costs are a virtual pass-through under the PPA, with a long-term Natural Gas Supply Agreement securing supply from the Ministry of Energy and Minerals, and gas price increases are recovered directly from the off-taker. The plant is operated and maintained under a 15-year agreement by STOMO (an ENGIE affiliate that also operates approximately 3,675 MW of capacity across Oman), with gas turbine maintenance subcontracted to Siemens AG on a long-term basis.

Al Suwadi Power was founded in 2010 following a competitive bidding process by OPWP and listed on the Muscat Stock Market in June 2014 under ticker SUWP. Founding and significant shareholders include ENGIE (via Kahrabel FZE), Middle East Investment LLC (Suhail Bahwan Group), Sojitz Corporation, Shikoku Electric Power, and three Omani government pension funds (Social Protection Fund, Civil Service Employees Pension Fund, and Ministry of Defence Pension Fund). In May 2026, the company announced a Potential Merger and Refinancing Assessment, indicating active evaluation of strategic alternatives alongside the new long-term PPA.

Name

AL SUWADI POWER CO SAOC

Legal name

Al Suwadi Power Company SAOG

Website

https://alsuwadipower.com

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Short description

Al Suwadi Power is an Oman-based Independent Power Producer operating the 744 MW Barka-3 CCGT plant, selling all electricity under a long-term PPA to the sole government off-taker Nama Power and Water Procurement Company.

Ownership category

akta.pro rank

Headquarters

HQ city

Sohar

HQ country

Oman

HQ region

Middle East

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Supply Chain, Personnel, Technology or R&D

Revenue model

1. Capacity Charges: Under the PPA, Al Suwadi Power receives capacity charges from OPWP for the contracted power capacity of the Plant. Capacity charges comprise approximately 97% of total revenues (excluding fuel revenue). These charges are payable regardless of whether actual output is dispatched, providing stable and predictable cash flows.
2. Variable Output Charges: OPWP pays variable output charges to cover variable operating costs for power made available.
3. Fuel Revenue (Pass-through): Fuel revenues and charges are calculated based on natural gas consumption for electrical energy output delivered. Gas price and volume is a virtual pass-through cost, subject to achieving guaranteed heat rate.

Distribution channels1 record

Marketing channels3 records

Core offering

Al Suwadi Power Company operates the Barka-3 Independent Power Plant (IPP), a 744 MW combined cycle gas turbine (CCGT) facility located in Sohar/Barka, Oman. The company generates and supplies electricity exclusively to Nama Power and Water Procurement Company (PWP), the national bulk power procurer, under a 15-year Power Purchase Agreement. Revenue is derived from capacity charges, variable energy charges, and pass-through of fuel costs.

Product overview

Al Suwadi Power is a single-asset power generation company operating the Barka-3 Independent Power Plant (IPP), a 744 MW combined cycle gas turbine (CCGT) facility in Oman. The company operates under a long-term Power Purchase Agreement (PPA) with Nama Power and Water Procurement Company as the sole offtaker. The company signed new 15-year PPAs extending from April 2028 to March 2043. The core offering is electricity generation capacity sold to the national grid, with operations and maintenance provided by STOMO.

Differentiator

Problem solved

Functional benefit

Products and services

• Barka-3 Independent Power Plant (744 MW CCGT) Standalone 744 MW combined cycle gas turbine power generation facility located in Sohar/Barka, Oman, selling electricity exclusively to Nama Power and Water Procurement Company (PWP) under a 15-year Power Purchase Agreement. Equipped with three Siemens SGT5-4000F gas turbines, one Siemens SST5-5000 steam turbine, three triple-pressure HRSGs, and ALSTOM generators.

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

Feature4 records

Partnerships

Five partnerships are on record, tiered core.

• STOMO (ENGIE STOMO)coreImplementation/ SI/ Consulting Partner · 3 April 2013Operator of the Plant pursuant to a 15-year agreement. Company indirectly owned by GDF SUEZ (now ENGIE). Most experienced operator of power projects in Oman, responsible for approximately 3,675 MW of electricity and net capacity of 270,000m3 per day of potable water. Maintenance of gas turbines subcontracted to Siemens AG on long-term basis.
• Nama Power and Water Procurement Company (PWP)coreOthersSingle buyer of power and water for all IPP/IWPP projects within Oman. Responsible for ensuring sufficient electricity and water production capacity at lowest cost. Undertakes long-term generation planning and publishes annual seven-year statement identifying new IPP/IWPP projects to be tendered.
• Ministry of Energy and MineralscoreOthersMinistry supervising infrastructure of oil and gas projects. Responsible for procurement and delivery of natural gas requirements to the Plant under the NGSA. Gas delivered must meet minimum quality standards.
• Authority for Public Services Regulation (APSR)coreOthersAuthority responsible for regulating quality of service, customer bills and efficient operation of electricity sector within Oman.
• Siemens AGcoreTechnology or IntegrationEquipment supplier for gas turbines (SGT5-4000F) and steam turbine (SST5-5000). Maintenance of gas turbines subcontracted by STOMO to Siemens AG on long-term basis. Siemens capabilities in gas turbine maintenance among best globally.

Scale indicators5 records

Recent moves7 records

Expansion highlights3 records

Broad incumbents

• Abu Dhabi National Energy Company (TAQA): Integrated utilities group with generation, transmission, and distribution assets across UAE and internationally, including significant gas-fired power capacity. Comparable as a regional incumbent in GCC power generation with regulated/long-term contracted revenue models, though vastly larger and more diversified than Al Suwadi.
• Saudi Electricity Company (SEC): Dominant Saudi utility with generation, transmission, and distribution operations including major gas-fired IPPs and IWPPs. Comparable as a large-scale regional power generation operator with regulated revenue frameworks, though operating at national-utility scale rather than single-asset IPP.
• Qatar Electricity and Water Company (QEWC): State-linked GCC utility operating multiple gas-fired power generation and desalination assets in Qatar under long-term PPAs with Kahramaa. Comparable as a regionally listed gas-fired IPP operator with government off-taker, though operating at much larger scale and diversified across multiple plants.
• ACWA Power Company: Largest private developer/operator of power and desalination assets in MENA, with significant IPP portfolio across Saudi Arabia, UAE, Oman, and beyond. Comparable as a large-scale GCC IPP owner/operator with long-term PPA business model, though with a much broader and more diversified asset base than Al Suwadi.

Regional players

• Marafiq (Power and Water Utility Company for Jubail and Yanbu): Saudi utility providing power, water, and steam to Jubail and Yanbu industrial cities under long-term offtaker arrangements with industrial customers. Comparable as a GCC power/water generation operator with long-term contracted revenues, though primarily Saudi-focused and serving industrial rather than grid customers.
• Al Kamil Power Company SAOG: Operates a gas-fired IPP serving the Sharqiyah region of Oman under a long-term PPA with OPWP/PWP. Comparable as an Omani single-asset gas IPP — same regulatory framework and offtaker — though smaller and regionally focused, with CTO of Al Suwadi having previously worked there.
• Salalah Power Company SAOG: Operates gas-fired generation capacity serving the Dhofar region in southern Oman under a separate PPA framework. Comparable as an Omani single-asset IPP with long-term PPA, though serving a different geographic region (Dhofar) and Main Interconnected System.

Direct peers

• Phoenix Power Company SAOG: Operates the 745 MW Phoenix IPP (CCGT) in northern Oman under a similar PPA structure with Nama PWP. Closest direct peer — same technology, same offtaker, overlapping ENGIE/Sojitz shareholding, and frequently cited together with Al Suwadi in Oman IPP market commentary.
• Al Batinah Power Company SAOG: Operates the 745 MW Sohar-2 CCGT IPP located in the same Barka/Sohar industrial corridor as Al Suwadi's Barka-3 plant. Identical PPA framework, similar Siemens CCGT technology, and same shareholder consortium (ENGIE, Sojitz, Yonden) — essentially a sister asset.
• Sohar Power Company SAOG: Operates a gas-fired IPP in the Sohar industrial area, selling power under a long-term PPA to OPWP/PWP. Directly comparable as an Omani single-asset gas IPP with government offtaker — though smaller capacity and from an earlier IPP vintage.

Market position

Strengths1 record

Weaknesses1 record

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

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 SUWADI POWER CO SAOC