GDF SUEZ has finalized the sale of its 32.81% equity stake in United Power Company SAOG (UPC) in the Sultanate of Oman to the MENA Infrastructure Fund.

In 2006, the Group won a contract for the business management of the new independent electricity and desalination production unit, Barka II in Oman (678MW and 120,000 m3/day). At that time, GDF SUEZ undertook to divest its stake in UPC in order to limit its market share in electricity production and comply with the regulations of Oman’s AER (Authority for Electricity Regulation).

GDF SUEZ has a long track record of successes in its developments in Oman. The Manah IPP (independent power project), which was awarded in 1994, is the first privately developed and owned power plant in the Gulf region and in Oman, and the first privately constructed transmission facilities within the country’s national grid. UPC was formed in 1995 as a joint stock company where public owns 40% of shares and the founder shareholders own 60%. Originally a 90MW power plant, the extension project completed in 2000 increased the plant’s generating capacity to 270MW.

Tags: GDF SUEZ, United Power Company