MENA Infrastructure: United Power Company
In June 2009, MENA Infrastructure Fund acquired a 38.3% stake in United Power Company SAOG (UPC) from GDF SUEZ and International Finance Corporation (IFC).
UPC owns and operates the 270 MW single-cycle gas-fired Manah Independent Power Project (IPP) in Oman. Established in 1994, UPC was the first IPP to be developed in the Middle East with private sector participation. The project is operated as a Build Own Operate Transfer (BOOT) scheme wherein UPC is responsible for building and operating the plant up to 2020. UPC has a 100% off-take for the plant’s power capacity through a Power Purchase Agreement (PPA) with the state owned Oman Power and Water Procurement Company (OPWP). UPC is listed on the Muscat Securities Market, with 40% of its equity capital being publicly traded.