Press Releases

17/07/2000

Middle East Bid Success

National Power announced today that its international business, International Power, has been awarded the 250MW Al-Kamil independent power project by the Government of Oman. The project documents were signed at a ceremony in Muscat on Monday 17th July.

The gas fired power station will be located in the Sharqiva region south of Muscat and is the first of two build, own and operate (BOO) opportunities being bid in Oman during 2000. International Power will invest £20 million of equity for a 100% stake in the Al Kamil Power Company, which will own the power station. The remainder of the project costs will be funded by commercial debt. Construction will start when funding is in place.

The plant will consist of three GE Frame 9E gas turbines, with the EPC turnkey contract placed with Hyundai Engineering & Construction of South Korea. Commercial operation is due to start on April 1st 2002 under a 15-year Power Purchase Agreement with the Ministry of Electricity & Water.

Peter Giller, Chief Executive Officer of International Power, said: "This is an exciting opportunity in Oman where the power sector is in the process of privatisation. We bring to the project our impressive track record of developing IPP's, and operating gas turbine plant, around the world".

Contact:

Lynda Ashton
Head of Investor Relations
Tel: (020 7615 3912)
Email: lynda.ashton@natpower.com