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ACWA, Mitsui group secure financing for Oman power plant

Reuters - UK Focus

KHOBAR, Saudi Arabia, Aug 27 (Reuters) - A consortium including ACWA Power (IPO-ACWA.SE) and Japan's Mitsui & Co has secured financing for the $630 million Salalah 2 power scheme in Oman, the Saudi Arabian company said on Thursday.

The pair, along with local partner Dhofar International Development and Investment Holding Co, won the contract in March to construct a 445 megawatts (MW) gas-fired power plant at Raysut in the southwest of the sultanate.

Under the proposal, the consortium will also acquire Dhofar Generating Co, which owns and operates an existing 273 MW gas-fired plant.

ACWA said in Thursday's statement that it had signed a financing arrangement to support the Salalah 2 scheme but it did not specify the size of the loan or any other funding details beyond saying that the debt has been structured as long-term limited recourse project financing.

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Banks supporting the loan were Standard Chartered (HKSE: 2888.HK - news) , Sumitomo Mitsui Trust Bank, KfW IPEX-Bank, Sumitomo Mitsui Banking Corp, Mizuho, Bank Muscat and Bank Dhofar, the statement added.

ACWA and Mitsui will each take a 45 percent stake in the project while Dhofar International Development and Investment Holding will hold the remaining 10 percent.

The partners will sell electricity to Oman under a 15-year agreement. The new plant is due to be operational in January 2018, according to the March announcement. (Reporting by Reem Shamseddine; Editing by David French and David Goodman)