Saudi Arabia’s Acwa Power has closed two deals totalling about $230m to refinance the debt on the Barka power project in Oman.

The financing is split between a $190m refinancing of existing debt split between two tranches of $28m and RO62.54 ($162m), and a new facility of RO16.6m. Bank Muscat, National Bank of Oman and Bahrain-headquartered Arab Banking Corporation were the lenders on the deals. Acwa only bought a stake in the Barka power plant in 2009.

The refinancing extends the tenor of the financing for the Barka plant beyond the power and water purchase agreement (PWPA) under which the government agrees to buy the power from the facility. It is the first time in the region that financing has been put in place that extends longer than the PWPA.