ACWA closes JV buyout

ACWA closes JV buyout

Published: October 3, 2012

Saudi power company becomes sole owner of NOMAC.

ACWA Power International, a power company based in Saudi Arabia, has bought out the joint venture partner in one of its businesses.

The company struck a deal with Omani contractor Sogex Oman to buy the latter’s 35% share in the First National Operation and Maintenance Company (NOMAC), an operations and maintenance services provider for the power and desalination industry in Saudi Arabia.

“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 fulfil our objective of being an integrated developer, owner and operator of power and desalinated water plants,” said Paddy Padmanathan, ACWA Power’s president and CEO.

Mohammed Abunayyan, chairman of ACWA Power, added: “Taking full ownership of NOMAC will give us the ability to control and utilise the resources of the company in the most effective and efficient manner to ensure maximum added value for stakeholders.”