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Mon 27 Aug 2012 02:46 PM

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Oman's ACWA Power seeks loan for water project

Loan will pay for construction of 10m gallon water plant in the northern town of Barka

Oman's ACWA Power seeks loan for water project

ACWA Power Barka, one of the biggest power generation companies in Oman and a subsidiary of Saudi Arabia's Acwa Power International, is seeking to raise a loan of up to OMR5.78m (US$15m) to expand its water desalination capacity, the company said on Monday.

The loan will pay for construction of a water plant with daily capacity of 10m gallons in the northern town of Barka, where ACWA already has a desalination plant.

The new project is expected to be ready by the end of 2013, the Muscat Daily quoted the company as saying in July. It quoted the Oman Power and Water Procurement Company as estimating that water demand in Oman, excluding Salalah, would rise by 5 percent annually through 2018.

Acwa Power International owns 58 percent of ACWA Power Barka after buying a shareholding in 2009.

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