Chadbourne & Parke LLC recently acted as an adviser on the financing related to Barka IWP (independent water project) to the group sponsoring the $300 million water desalination project in Oman.
The group sponsoring the project include GDF SUEZ, ITOCHU Corporation, Engie Energy International and W.J. Towell & Co. LLC.
The Barka IWP was put into practice on a build-own-operate structure in accord with a water purchase agreement with the Oman Power and Water Procurement Company. The plant will open in approximately two years with a capacity of 74.2 million gallons of cleansed water output per day.
“We are delighted to have advised the sponsors in connection with the development and financing of the Barka IWP,” Richard Keenan, a partner in New York-based Chadbourne's Dubai office and the lead of the Chadbourne team, said. “The plant will provide a much needed increase of potable water in the region.”
A seven-year projection released by Oman Power and Water Procurement Company for Oman’s northern region anticipates the need for potable water to increase by 6 percent per year.