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.
AES Oasis enters into agreement to sell equity interests in Barka Facilities, Sultanate of Oman
- Oman: Monday, December 14 - 2009 at 10:29
- PRESS RELEASE
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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.
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Posted by Husam OdiabatMonday, December 14 - 2009 at 10:29 UAE local time (GMT+4)
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About AES:
The AES Corporation (NYSE:AES) is a Fortune 500 global power company with generation and distribution businesses. Through our diverse portfolio of thermal and renewable energy sources, we provide affordable and sustainable energy to 29 countries. Our workforce of 25,000 people is committed to operational excellence and meeting the world's changing power needs. Our 2008 revenues were $16 billion and we own and manage $35 billion in total assets. BusinessWeek named AES to its 2009 "BW 50 Best Performers" list.
About IDB Infrastructure Fund and EMP Bahrain
IDB Infrastructure Fund, with original commitments of US$730m, is a private equity fund focusing on infrastructure in the Islamic countries. It is managed by EMP Bahrain, a Bahrain-based fund manager and a subsidiary of EMP Global, a fund manager based in Washington, D.C, with focus on private equity in global emerging markets. For more information on EMP Global, please visit www.empglobal.com.
Safe Harbor Disclosure
This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, those related to future earnings, growth and financial and operating performance. Forward-looking statements are not intended to be a guarantee of future results, but instead constitute AES' current expectations based on reasonable assumptions. Forecasted financial information is based on certain material assumptions. These assumptions include, but are not limited to, our accurate projections of future interest rates, commodity price and foreign currency pricing, continued normal levels of operating performance and electricity volume at our distribution companies and operational performance at our generation businesses consistent with historical levels, as well as achievements of planned productivity improvements and incremental growth investments at normalized investment levels and rates of return consistent with prior experience.
Actual results could differ materially from those projected in our forward-looking statements due to risks, uncertainties and other factors. Important factors that could affect actual results are discussed in AES' filings with the Securities and Exchange Commission, including, but not limited to, the risks discussed under Item 1A "Risk Factors" in AES' 2008 Annual Report on Form 10-K. Readers are encouraged to read AES' filings to learn more about the risk factors associated with AES's business. AES undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
ME Newswire
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P.O.Box: 502726, Dubai Media City
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The AES Corporation (NYSE:AES) is a Fortune 500 global power company with generation and distribution businesses. Through our diverse portfolio of thermal and renewable energy sources, we provide affordable and sustainable energy to 29 countries. Our workforce of 25,000 people is committed to operational excellence and meeting the world's changing power needs. Our 2008 revenues were $16 billion and we own and manage $35 billion in total assets. BusinessWeek named AES to its 2009 "BW 50 Best Performers" list.
About IDB Infrastructure Fund and EMP Bahrain
IDB Infrastructure Fund, with original commitments of US$730m, is a private equity fund focusing on infrastructure in the Islamic countries. It is managed by EMP Bahrain, a Bahrain-based fund manager and a subsidiary of EMP Global, a fund manager based in Washington, D.C, with focus on private equity in global emerging markets. For more information on EMP Global, please visit www.empglobal.com.
Safe Harbor Disclosure
This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, those related to future earnings, growth and financial and operating performance. Forward-looking statements are not intended to be a guarantee of future results, but instead constitute AES' current expectations based on reasonable assumptions. Forecasted financial information is based on certain material assumptions. These assumptions include, but are not limited to, our accurate projections of future interest rates, commodity price and foreign currency pricing, continued normal levels of operating performance and electricity volume at our distribution companies and operational performance at our generation businesses consistent with historical levels, as well as achievements of planned productivity improvements and incremental growth investments at normalized investment levels and rates of return consistent with prior experience.
Actual results could differ materially from those projected in our forward-looking statements due to risks, uncertainties and other factors. Important factors that could affect actual results are discussed in AES' filings with the Securities and Exchange Commission, including, but not limited to, the risks discussed under Item 1A "Risk Factors" in AES' 2008 Annual Report on Form 10-K. Readers are encouraged to read AES' filings to learn more about the risk factors associated with AES's business. AES undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
ME Newswire
Business Central Towers - Office 1103
P.O.Box: 502726, Dubai Media City
Dubai, United Arab Emirates
Hotline :+971 50 911 5 988
Tel :+971 4 433 1901
Fax :+971 4 427 8710
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