Muscat – Sohar International Bank and National Bank of Oman (NBO) have jointly led a $720mn syndicated refinancing facility for Phoenix Power Company, following the 15-year extension of the company’s Power Purchase Agreement (PPA) with Nama Power and Water Procurement Company.

The two banks signed the financing documents with Phoenix Power, establishing a framework to support the company’s continued operations and strengthen the reliability and resilience of Oman’s power infrastructure.

The 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 Phoenix Power.

Commenting on the signing, Al Murshidi 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. The 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.”

Pullattu Radhakrishnan Anil Kumar, General Manager and 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 $720mn 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.”

Phoenix Power’s Al Abri 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 it an important part of the country’s electricity infrastructure. The 15-year PPA extension provides a long-term framework for the facility’s operations, while the syndicated refinancing will support the company’s financial requirements following the extension.