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, that the Company has signed a new Power Purchase Agreement on 6 April 2026.

This follows the Company’s acceptance of the Letter of Award dated 18 March 2026, as previously disclosed. The new agreement would commence on 1 April 2029, immediately after the expiry of the current agreement, and would continue for a period of 15 years until 31 March 2044.

The new agreement provides for the continuation of the purchase of 1,978.41 to 2,074.13 megawatts of power under agreed commercial terms, further strengthening the strategic partnership between the Company and Nama Power and Water Procurement Company (PWP). It also 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