ACWA Power International, a Riyadh-based company involved in building and operating power and water-desalination plants, has acquired a 58-percent stake in a water and power project in Oman. ACWA Power has announced the successful completion of the deal to purchase the stake in the Barka 1 Independent Water and Power Project (IWPP) in Oman based on a share purchase agreement with AES Corporation, IDB Infrastructure Fund and their subsidiaries, according to a report published today by Arab News. Seven percent of Barka 1 IWPP is owned by Multitech LLC while the remaining 35 percent is publicly owned as shares floated in the Muscat Security Market. “We are delighted to add this asset into our portfolio and to take the first step beyond our home country. We are even more pleased to welcome the team of 60 professionals of whom more than half are Omani citizens, who are currently managing this enterprise and operating and maintaining this facility, into the expanding team at ACWA Power and its operation and maintenance subsidiary companies,” said Paddy Padmanathan, ACWA Power's president and CEO. --MORE
