ACWA Power announced on Monday the successful completion of the deal to purchase the stake in the Barka 1 Independent Water and Power Project (IWPP) in Oman based on a share purchase agreement with AES Corporation, IDB Infrastructure Fund and their subsidiaries.

Seven percent of Barka 1 IWPP is owned by Multitech LLC while the remaining 35 percent is publicly owned as shares floated in the Muscat Security Market.

“We are delighted to add this asset into our portfolio and to take the first step beyond our home country. We are even more pleased to welcome the team of 60 professionals of whom more than half are Omani citizens, who are currently managing this enterprise and operating and maintaining this facility, into the expanding team at ACWA Power and its operation and maintenance subsidiary companies,” said Paddy Padmanathan, ACWA Power’s president and CEO.

ACWA Power’s entry into the Oman market is the first step of the company’s global strategy.

Padmanathan said the company has developed a large portfolio of projects in the Kingdom, producing over 6,000 megawatts of electricity and 2.3 million cubic meters of desalinated water per day. “The company is embarking on its next five-year plan, which is founded on our proven ability to reliably dispatch water and power,” he said.

The company has a goal of expanding its portfolio of projects to 30,000 megawatts of electricity and five million cubic meters of desalinated water per day by 2014.

Last December ACWA Power announced winning the bid for Barka 1 IWPP in Oman, subject to the customary stakeholder and regulatory approvals. It had competed with a number of consortia from around the world.