Title :

Disclosure – New Power Purchase Agreement

Content :

The Board of Directors of Phoenix Power Company SAOG, hereinafter referred to as the “Company”, is pleased to inform the Financial Services Authority, the Muscat Stock Exchange, and the Investor Community, and further to the disclosure issued on 17 March 2026 regarding the Company’s receipt of a Letter of Award from Nama Power and Water Procurement Company concerning a new Power Purchase Agreement (PPA), that the Company has accepted the Letter of Award on 18 March 2026 and is currently working with Nama Power and Water Procurement Company to finalize the procedures for signing the agreement, in addition to the other project-related agreements.

The new agreement will commence on 1 April 2029, immediately following the expiry of the current agreement, and will remain valid for a period of 15 years until 31 March 2044. The agreement includes the purchase of the total electricity generation capacity of the plant, and the award also provides for the continued purchase of electricity in accordance with agreed commercial terms. It further strengthens the strategic partnership between the Company and Nama Power and Water Procurement Company. Moreover, it ensures long-term financial stability and supports the Company’s future operational sustainability.

The Company takes this opportunity to extend its sincere appreciation to the Authority for Public Services Regulation, Nama Power and Water Procurement Company, the valued shareholders, and the Company’s Board of Directors for their continued support and cooperation.

 

 

_______________________

Ahmed Al Abri

Chief Financial Officer / Disclosure Officer