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Saudi ACWA buys 58% stake in Oman venture

24 Aug 2010

(MENAFN) Saudi-based ACWA Power International said it has successfully completed the deal to purchase a 58 percent stake in the Barka 1 Independent Water and Power Project (IWPP) in Oman, Times of Oman reported.

ACWA, a leading developer, owner and operator of power generation and desalinated water production plants, said the transaction was based on a share purchase agreement with The AES Corporation, IDB Infrastructure Fund and their subsidiaries.

The remaining stake in Barka 1 IWPP is owned by Multitech (7 percent), while the other 35 per cent is publicly owned as shares floated in the Muscat Security Market, the company said in a statement.

Last December ACWA Power had announced winning the bid for Barka 1 IWPP in Oman which was subject to the customary stakeholder and regulatory approvals.

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