SMN Power

What SMN Power does

SMN Power Holding SAOG is an Oman-based Independent Water and Power Producer (IWPP) incorporated on 7 May 2011 as the holding company for two operating power and water assets — SMN Barka and Al Rusail — with combined installed capacity of approximately 864.2 MW of power and 120,000 m³/day of potable water. The company operates under the regulatory framework established by Royal Decree 78/2004, with the Authority for Public Services Regulation (APSR) as regulator and Nama Power and Water Procurement Company (PWP) as the statutory sole off-taker for all IPP/IWPP output in Oman.

The core technology is natural gas-fired power generation combined with seawater reverse osmosis (SWRO) desalination. SMN Barka features three V94.2 Rev 6 dual-fuel combustion turbines (Siemens design, Ans Aldo-manufactured), three supplementary-fired heat recovery steam generators, and two Siemens condensing steam turbines, delivering 673.5 MW in combined cycle mode or 363 MW in open cycle, paired with a 26.4 MIGD SWRO plant (14 first-pass and 7 second-pass trains). Al Rusail houses eight Frame 9E gas turbines installed in four phases between 1984 and 2000; following PPA expirations on six units, current operating capacity is approximately 186.2 MW. All operations and maintenance are outsourced to STOMO (Suez-Tractebel Operations and Maintenance Oman) under a long-term O&M agreement.

SMN Power generates revenue primarily through capacity and availability charges under long-term Power and Water Purchase Agreements (PWPA) with PWP, with a secondary stream from water production sales from SMN Barka. The business model is contract-based with revenue and cash flow independent of market fluctuations, commodity prices, and demand variability over the contract term — extending to January 2030 for Al Rusail and March 2033 for SMN Barka (renewed after the original Barka PWPA expiry on 31 March 2024). The shareholder base comprises two strategic infrastructure investors — ENGIE (via Kahrabel F.Z.E.) and Mubadala Investment Company (via Mubadala Power Holding Company) — alongside a public free float on the Muscat Stock Exchange (ticker: SMNP). Pricing for utility output is not publicly disclosed, and pricing power is structurally limited by the regulated PWP framework.

Name

SMN Power

Legal name

SMN Power Holding SAOG

Website

https://smnpower.com

Company type

Public

Founded year

2011

Operating status

Operating

Headcount range

101–250 employees

Short description

SMN Power Holding SAOG is an Oman-based Independent Water and Power Producer (IWPP) operating SMN Barka and Al Rusail under long-term contracts with sole off-taker Nama PWP, delivering ~864 MW of power and 120,000 m³/day of desalinated water.

Ownership category

akta.pro rank

Headquarters

HQ city

Muscat

HQ country

Oman

HQ region

Middle East

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Capacity and Availability Charges: Under the PWPA (Power and Water Purchase Agreement) with PWP, SMN Power is remunerated for capacity and availability over the PPA period. Profitability and cash flow generation are independent of market fluctuations, commodity prices, and market demand throughout the new PPAs and WPA terms. The contractual framework runs for 8.75 years (ending January 2030 for Al Rusail and March 2033 for SMN Barka).
2. Water Production and Sales: SMN Barka produces approximately 120,000 m3/day of potable water through reverse osmosis desalination, sold under the PWPA framework to PWP.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

SMN Power is an Independent Water and Power Producer (IWPP) operating two facilities in Oman: SMN Barka (673.5 MW combined-cycle power and 120,000 m³/day reverse osmosis potable water) and Al Rusail (natural gas-fired power generation, approximately 186.2 MW after PPA expiration). The company sells all electricity and water output exclusively to Nama Power and Water Procurement Company (PWP) under long-term Power and Water Purchase Agreements with guaranteed capacity and availability remuneration over an 8.75-year contractual term.

Product overview

SMN Power Holding SAOG is a holding company incorporated in Oman in 2011, combining two power entities — SMN Barka and Al Rusail — with a combined capacity of approximately 864.2 MW of power and 120,000 m³/day of potable water. The company's core business is independent power and water production (IWPP/IPP), operating under long-term PWPA/PPA contracts with Nama Power and Water Procurement (PWP) as the single buyer. SMN Barka (Barka II Plant) is a combined-cycle gas turbine facility producing 673.5 MW and water via reverse osmosis. Al Rusail is a natural gas-fired plant with 8 Frame 9E gas turbines, reduced to approximately 186.2 MW after PPA expirations. All operations and maintenance are contracted to STOMO (Suez-Tractebel Operations and Maintenance Oman).

Differentiator

Problem solved

Functional benefit

Brands

• Barka II Plant: Independent Water and Power Producer (IWPP) plant with 673.5 MW combined cycle power output and 120,000 m³/day water production capacity.
• Al Rusail Plant

Products and services

• SMN Barka (Barka II Plant) Independent Water and Power Producer (IWPP) plant located in Barka, approximately 50 km northwest of Muscat, Oman. Produces 673.5 MW of power in combined cycle mode (363 MW in open cycle) and 120,000 m³/day of potable water via sea water reverse osmosis desalination (26.4 MIGD / 14 first-pass trains + 7 second-pass trains). Operates on natural gas with fuel oil as backup. Output sold to PWP under long-term PWPA.
• Al Rusail Plant Natural gas-fired power plant located approximately 40 km west of Muscat in an industrial area. Consists of eight Frame 9E gas turbines (suppliers MJB/GE/Alstom/BHEL) installed in four phases between 1984 and 2000. Originally 665 MW capacity, currently operating at approximately 186.2 MW after PPA expiration on 6 turbines. Operates on natural gas as primary fuel with diesel oil as backup. First state-owned power generation company privatized in Oman.

Quantifiable outcome

• 864.2 MW of power capacity and 120,000 m³/day potable water capacity under long-term contractual framework

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

Feature3 records

Partnerships

Four partnerships are on record, tiered minor and core.

• OPAL (Oman Society for Petroleum Services)minorStrategic or Co-development Partner · 31 August 2022SMN Power signed a Memorandum of Understanding with OPAL on August 31, 2022 to sponsor number of social responsibilities initiatives as part of SMN Power's commitment to Corporate Social Responsibility. The partnership supports funding for social responsibility projects that enhance the welfare of the Omani community, citizens, and environment.
• STOMO (Suez Tractebel Operations and Maintenance Oman L.L.C)coreImplementation/ SI/ Consulting PartnerSTOMO is the O&M contractor for both SMN Barka and Al Rusail power plants. All operations and maintenance activities are contracted to STOMO under the O&M agreement. The company applies highest standards in health, safety, and operational excellence to ensure availability and efficiency.
• Nama Power and Water Procurement Company (PWP)coreOthersPWP is the sole buyer of water and power from all IPP/IWPP projects in Oman under the regulatory framework established by Royal Decree 78/2004. Both SMN Barka and Al Rusail sell their entire output to PWP under long-term PWPA contracts.
• Ministry of Education (MoE) OmanminorStrategic or Co-development PartnerSMN Power, along with Al Batinah Power Company, Al Suwadi Power Company, and Al Kamil Power Company, signed an agreement with the Ministry of Education to install an advanced Solar Power system at Hind bint Usaid school as part of CSR initiatives.

Scale indicators3 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• ACWA Power: Saudi-listed developer, owner and operator of power generation and desalinated water plants across the GCC and beyond. Operates the same IWPP/IPP business model with long-term off-take contracts, making it the closest publicly traded comparable to SMN Power.
• Sembcorp Industries: Singapore-listed energy and urban development group with GCC utilities operations including Sembcorp Salalah Power and Water in Oman. Operates the same IPP/IWPP model in the same geography under similar regulatory frameworks.
• Qatar Electricity and Water Company (QEWC): Qatari listed utility with combined power generation and water desalination capacity serving Qatar's national grid under regulated off-take arrangements. Highly comparable in business mix (power + water) and single-buyer offtake structure.
• Abu Dhabi National Energy Company (TAQA): UAE-listed integrated power and water utility with generation, transmission, and distribution assets across the GCC and internationally. Closely comparable as a regional IWPP operator with combined power and water capacity and long-term offtake contracts.

Broad incumbents

• ENGIE: French global utility and majority shareholder of SMN Power via Kahrabel F.Z.E. ENGIE is the leading independent power and water producer in the GCC with 30 GW of power and 5.9 million m³/day of water capacity, operating broadly across the same industry as a portfolio incumbent.
• Saudi Electricity Company (SEC): Saudi Arabia's national power utility and one of the largest in the GCC, with vertically integrated generation, transmission, and distribution. A broader incumbent serving as a benchmark for regulated power-sector economics in the region.

Others

• Mubadala Investment Company: UAE sovereign wealth fund and major SMN Power shareholder via Mubadala Power Holding Company. A strategic financial partner rather than a direct operator, but shapes SMN's strategic direction and access to capital and project pipelines.

Regional players

• National Central Cooling Company (Tabreed): UAE-listed district cooling utility operating in the GCC under long-term concession contracts. Not a direct competitor, but operates the same regulated infrastructure-services model with similar off-take structures in the regional utility ecosystem.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries2 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 SMN Power