Dubai-based AES Oasisis preparing to resume bidding for regional independent power projects (IPPs), after the IDB (Islamic Development Bank) Infrastructure Fund agreed to buy a 32 per cent stake in the regional developer, a subsidiary of the US' AES Corporation. The company, which has refrained from participating in Middle East IPP tenders for about a year due to an extensive restructuring programme, is now targeting the proposed Mirfa independent water and power project (IWPP) in Abu Dhabi and the Sohar IWPP in Oman, both of which are expected to go for tender in late 2003.
AES will receive an estimated $150 million from the deal, which is expected to close in the third quarter of 2003 (see Banking & Finance). Through the fund, AES Oasis will also get a shareholder, the IDB, which has members right across its target market.
The transaction ends months of speculation over what AES intended to do with its regional assets.
AES Oasis is in the final stages of commissioning the Barka IWPP in Oman and is due to complete the Ras Laffan IWPP in Qatar by April 2004. In addition, the company owns two oil-fired power stations in Pakistan.
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