AES Oasis enters into agreement to sell equity interests in Barka facilities, Sultanate of Oman

AES Oasis, a joint venture of AES Corp. and IDB Infrastructure Fund today announced that a subsidiary has entered into an agreement to sell AES Oasis' interests in the Barka 456 MW combined cycle gas plant and 91,000 cubic meters per day desalination facility, as well as the associated technical service companies, to ACWA Power International, a Saudi Arabian power and desalination company. The sale agreement culminates a process which began in the second quarter of 2009. The transaction is subject to regulatory approvals and is expected to close during the first half of 2010.

Steve Walsh, AES Vice President of the Middle East, said, ”We’ve had a great experience developing and operating the Barka facilities in Oman, and are pleased with Barka’s performance over the last 16 years.”

Rauf Diwan, Chairman and CEO of EMP Bahrain, fund manager of IDB Infrastructure Fund, said, “IDB Infrastructure Fund’s successful track record continues with the divestment of the Barka asset. We are pleased to have been involved with Barka, one of the key power plants in Oman, and to have been able to contribute to the development of the Omani power sector.”

Barka employs approximately 50 people and provide power and desalinated water to the Omani Power and Water Procurement Company (OPWPC) under a 15-year power and water purchase agreement that will end in 2018.