Phoenix Power Company is set to bid for two new power projects in the Ibri and Sohar regions of Oman, which on completion will have a capacity to generate 3.2 gigawatts (GW) of power, said a report.

A major player in Oman's utility sector, Phoenix Power Company is the owner of the RO633-million ($1.6 billion) Sur Independent Power Plant, which was inaugurated yesterday (April 27), reported the Oman Observer.

Phoenix's founding shareholders are Axia Power Holdings (Marubeni Corporation, Japan), Chubu Electric Power Sur (Japan), Qatar Electricity and Water Company and Multitech (part of the Suhail Bahwan Group, Oman).

“Phoenix Power along with its same consortium partners will be taking part in the bids as the tender was floated only recently,” said Khalid Jolo, the chairman of the Phoenix Power Company at the launch.

He ruled out any immediate expansion of the Sur Independent Power Plant, but said plans were under way to launch an IPO (initial public offering) this year.

Located in Sur Industrial Estate, the hitech plant is part of the continuous development initiative of independent power projects by Oman Power and Water Procurement Company (OPWPC) a member of the Nama group), said the report.

The OPWPC had signed the agreements in 2011 with Phoenix Power Company to build, own and operate the Sur Power Plant. The new plant will be producing 2,000 MW of power, it added.