ACWA Power International (ACWA Power) has completed the transaction of acquiring from Sogex Oman, its 35 per cent share of the first National Operation and Maintenance Company (NOMAC), originally a joint venture between Sogex Oman and ACWA Power of Saudi Arabia.
The transaction is based on a share purchase agreement with Sogex Oman and with the completion of this transaction, ACWA Power has become the 100 per cent owner of NOMAC.
"We are pleased to take full ownership of this company and add it to our growing portfolio as a landmark event in the history of ACWA Power, a testimony that we do not need to rely on partnership expertise to fulfill our objective of being an integrated developer, owner and operator of power and desalinated water plants,- said Paddy Padmanathan, ACWA Power's president and chief executive.
"This acquisition is a natural progression in our growth strategy as it is part of our concentrated efforts aimed at enhancing the productivity of our well established assets in Saudi Arabia-.
NOMAC is the leading independent operations and maintenance services provider for the power and desalination industry in Saudi Arabia and elsewhere. NOMAC delivers operation and maintenance service solutions to public and private sector owners of power and desalination plants including steam turbine power plants, gas turbines simple and combined cycle power plants, sea water large capacity desalination plants including multi stage flash (MSF), multi effect distiller (MED) and reverse osmosis (RO) technologies, diesel engine power plants, seawater cooling systems, potable water transmission systems and solar plants.
Mohammed Abunayyan, chairman of ACWA Power said, "This acquisition will streamline our business so that the operations of ACWA Power will take complete control of the O&M function to ensure optimisation of plant operations.-
thus providing a fully integrated holistic environment which encompasses project development and/or acquisition, management and operation and maintenance.
Times of Oman