24/08/2010 ACWA Power acquires major stake in O…

ACWA Power acquires major stake in

Oman water project
Monday, August 23, 2010 7:54 PM

(Source: Arab News, Jeddah, Saudi Arabia)By Md Rasooldeen, Arab News, Jeddah, Saudi Arabia

Aug. 24--RIYADH -- ACWA Power International, a Riyadh-based c ompany involved in building and
operating power and water-desalination plants, has ac quired a 58-percent stake in a water and power
project in Oman.

ACWA Power announc ed on Monday the successful completion of the deal to purchase the stake in
the Barka 1 Independent Water and Power Projec t (IWPP) in Oman based on a share purc hase
agreement with AES Corporation, IDB Infrastructure Fund and their subsidiaries.

Seven percent of Barka 1 IWPP is owned by Multitech LLC while the remaining 35 percent is publicly
owned as shares floated in the Musc at 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.

ACWA Power's entry into the Oman market is the first step of the company's global strategy.

Padmanathan said the company has developed a large portfolio of projects in the Kingdom, producing
over 6,000 megawatts of electric ity and 2.3 million cubic meters of desalinated water per day. "The
company is embarking on its next five-year plan, whic h is founded on our proven ability to reliably
dispatch water and power," he said.

The company has a goal of expanding its portfolio of projec ts to 30,000 megawatts of electricity and
five million cubic meters of desalinated water per day by 2014.

Last December ACWA Power announced winning the bid for Barka 1 IWPP in Oman, subject to the
customary stakeholder and regulatory approvals. It had competed with a number of c onsortia from
around the world.

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To see more of the Arab News or to subscribe to the newspaper, go to http://www.arabnews.com.

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