ACWA takes on majority stake in Barka 1
KSA giant takes first overseas step with investment in Omani plant
Saudi Arabia’s ACWA Power International has staved off bids from 10 developers to take a 58% stake in the Barka 1 power and water plant in Oman.
Barka 1 has a capacity of 456MW and 91,000 cubic metres of desalinated water.
The company has not given an indication to the size of the deal, but other bidders for the plant included Kahramaa and TAQA.
"This now gives us the first asset outside Saudi Arabia, we want to become global," said ACWA CEO Paddy Padmanathan, according to Reuters.
ACWA has also submitted bids for the larger Barka 3 and Sohar 2 IWPPs, both of which are based in Oman. Padmanathan estimated the total cost of both facilities at US$2 billion, with separate capacities of 750MW.