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ACWA Power targets OMR 6 million loan for expansion project
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Friday, 31 Aug 2012
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According to a company disclosure to the Muscat Securities Market, ACWA Power Barka is planning OMR 5.78 million in financing for an expansion project to produce 10 million imperial gallons per day of water.

ACWA Power held an ordinary general meeting at the Grand Hyatt Muscat in which its board of directors approved the company's proposed expansion project and loan plans to finance the project.

The OGM also approved the refinancing of ACWA Power's existing long-term loan facility. The company will enter into a supplemental operation and maintenance agreement with a related party to operate and maintain the expansion project.

ACWA Power Barka said that the OGM approved the company obtaining a loan from a related party up to OMR 5.78 million.

According to its latest financial report, the company had long term bank loans of around OMR 61 million as of June 2012 which were provided by a consortium of local and overseas banks in pursuance with a power and water purchase agreement to finance the project cost.

Source - Muscat Daily

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