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Barka 3/Sohar 2 IPP close details

04 October 2010

A record eight developer groups bid for the two Omani power projects Barka 3 and Sohar 2, including three newcomers. However, it was a GDF Suez-led consortium that was awarded both projects amid some acrimony between bidders. The two deals extend GDF Suez’s purple patch that started after its difficult Shuweihat 2 project that was awarded in July 2008. Since then GDF Suez has moved to close Al Dur IWPP in Bahrain and PP11 in Saudi.  

Financing for the $1.7 billion Barka 3/Sohar 2 IPPs closed on 16 September. The projects are greenfield natural gas-fired power plants with a capacity of 744MW each. The total debt package is $1.3 billion split between two fully separate non-cross collateralized deals servicing each plant: $680 million debt for Barka 3 and around $620 million for Sohar 2. The capex on Sohar 2 is lower because it shares seawater inlet...

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