In July 2022, GS Inima announced financial close for the Barka V desalination plant at €135 million. Located 58 km west of Muscat, the plant was to deliver 100,000 m³/day and supply 800,000 people. A 22-year non-recourse project loan and an equity bridge loan covered all needs, with Korea Export-Import Bank holding the largest share, followed by Bank Muscat and Standard Chartered. Completion was scheduled for June 2024, with operation under a 20-year BOO contract.
The report shows desalination in Oman being funded through classic project finance, with international and local banks committing long-term capital to a plant despite volatile financial markets.
Source: Muscat Daily