ACWA Power Barka seeks $15m project loan
Reports claim Oman power firm is seeking financing for site expansion
ACWA Power Barka, the ACWA Power subsidiary that operates the Barka 1 IWPP in Oman, has reportedly said it is seeking US 15 million in project financing for an expansion project at the site. According to the Muscat Daily, the firm has disclosed to the Muscat Securities Market that it is now targeting the extra funds after its Ordinary General Meeting approved the expansion.
Under the plans, the firm will undertake a supplemental operation and maintenance agreement to operate and maintain the expansion programme. The company is also reported to have approved the refinancing of its existing long-term loan facility.
The Barka site currently has a capacity of 427 MW of power, and 91,200 m3/day of desalinated water. ACWA Power International holds a 51% stake in the site, which is located 60km north west of Muscat. The expansion of the site was granted a “Letter of Award” by Oman Power and Water Procurement Company (OPWP) back in July, which approved the addition of 45,460m3/day capacity. The approval of the board of directors and shareholders was the last major hurdle for the project.