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.
