Sohar International and National Bank of Oman Jointly Leads USD 720 Million Refinancing Facility for Phoenix Power

Muscat : Reinforcing its commitment to supporting Oman’s strategic infrastructure and economic development priorities, Sohar International and National Bank of Oman (NBO), signed the financing documents for the USD 720 million syndicated refinancing facility for Phoenix Power Company SAOG (PPC), following the 15-year extension of its Power Purchase Agreement (PPA) with Oman Power and Water Procurement Company (OPWP).

The financing documents were signed by Abdulwahid Mohammed Al Murshidi, Chief Executive Officer of Sohar International, Abdullah Al Hinai, Chief Executive Officer of NBO and Ahmed Al Abri, Chief Financial Officer of PPC, establishing a framework for collaboration towards financing the company’s continued operations and supporting the reliability and resilience of Oman’s power infrastructure.

Commenting on the signing, Abdulwahid Mohammed Al Murshidi, Chief Executive Officer of Sohar International, said: “At Sohar International, we see our role extending beyond providing financial solutions to actively enabling the projects and partnerships that contribute to Oman’s long-term economic resilience. Financing of Phoenix Power reflects our commitment to mobilising capital towards strategic assets that are integral to the Sultanate’s development. By supporting the continued operation of a major power generation facility, we are contributing to the strength of Oman’s energy ecosystem while advancing our broader commitment to the ambitions of Oman Vision 2040.”

Commenting on the agreement, Pullattu Radhakrishnan Anil Kumar, General Manager & Chief Corporate Banking Officer at NBO said: “Transactions of this scale demonstrate the important role Oman’s banking sector can play in financing the infrastructure that underpins the country’s growth. The USD 720 million refinancing of Phoenix Power reflects the capabilities of local banks to structure and deliver significant financing for strategic assets. Together with Sohar International, we are pleased to support an asset that strengthens energy security and contributes to long-term economic value for Oman.”

Ahmed Al Abri, Chief Financial Officer of Phoenix Power Company SAOG said: “The successful refinancing represents an important milestone for Phoenix Power. We value the support and expertise of both National Bank of Oman and Sohar International throughout the transaction. The refinancing provides a strong financial foundation as we continue to operate a critical power generation asset and contribute to the reliable supply of electricity across Oman.”

Phoenix Power operates one of Oman’s largest power generation facilities, making its continued operations an important contributor to the Sultanate’s electricity infrastructure. The 15-year PPA extension provides a long-term framework for the facility’s operations, while the proposed syndicated financing will support the company’s financial requirements following the extension. Through its role as joint lead alongside NBO, Sohar International is further strengthening its engagement with strategic players across Oman’s economy and demonstrating its corporate and institutional banking capabilities in facilitating financing solutions for projects with long-term national significance.

The partnership also highlights the value of collaboration between financial institutions and key industry stakeholders in advancing Oman’s economic priorities. By facilitating access to capital for strategically important projects, Sohar International continues to support the development of a resilient economic ecosystem while creating sustainable value for businesses and the wider community.

The MoU forms part of Sohar International’s broader commitment to supporting the objectives of Oman Vision 2040 through strategic partnerships, responsible capital mobilization and solutions tailored to the evolving needs of Oman’s key sectors. As the Sultanate continues to strengthen the foundations of a diversified and resilient economy, the Bank remains committed to enabling opportunities that contribute to sustainable growth and Oman’s long-term prosperity.

About Sohar International:

Sohar International is guided by a clear vision to become a world-leading Omani service company that helps customers, communities, and people prosper and grow. With a purpose to help people ‘win’ by delivering responsive banking for their ever-changing world, the bank offers innovative solutions across Commercial and Investment Banking, Wealth Management, Islamic Banking, and more. Operating with a strong digital-first approach and an expanding regional footprint—including presence in the Kingdom of Saudi Arabia—Sohar International is committed to driving value through strategic partnerships and a dynamic customer experience. Learn more at www.SIB.om