Saudi Arabia’s Acwa Power has completed its purchase of a 58 per cent stake in the Barka 1 independent water and power project (IWPP) in Oman.

The share purchase agreement with the US’ AES Corporation and IDB Infrastructure Fund was completed on 19 August.

The remaining stake in Barka 1 IWPP is owned by the local Multitech at 7 per cent, while the other 35 per cent is floated on the Muscat Securities Market.

Acwa Power was named winning bidder for the Barka 1 project in December 2009, over a competing bid from Qatar Electricity & Water Company (QEWC).

The gas-fired IWPP has a capacity of 456MW of power and 91,000 cubic metres per day of water.

The transaction, which is part of the AES Oasis asset sell-off, represents Acwa Power’s first investment outside of its home market of Saudi Arabia.

The UK’s Allen & Overy advised AES along with the UK’s HSBC, while US firm Chadbourne & Parke advised Acwa Power.