MUSCAT, MAY 9
Barka Water and Power Company SAOG (BWPC), the owner and operator of the Barka 1 Independent Water & Power Project (IWPP) in Oman, has secured a significant new agreement to provide the country with power and water over an extended timeframe. On May 7, 2024, the company signed a power and water purchase agreement (PWPA) with Nama Power and Water Procurement Company (PWP) – part of Nama Group - marking a continuation of their partnership.
Spanning a period of 8 years and nine months, the Power and Water Purchase Agreement is valued at an estimated $356 million, said Barka 1 in a filing to the Financial Services Authority (FSA) on Wednesday. The agreement ensures the continued operation of the Barka 1 IWPP desalination plant for a minimum of three years. Importantly, the agreement includes the possibility of extending the desalination operations for two additional terms at PWP's discretion, potentially reaching a total of eight years and nine months.
Barka Water and Power CEO Salim Zahir Sibani expressed his appreciation to PWP, the Authority for Public Services Regulation (APSR), the company's Board of Directors, shareholders, and all stakeholders involved for their ongoing support. This new agreement signifies continued stability and commitment to providing essential utilities for Oman.
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