The AES Corporation has agreed to sell approximately 32 percent of its ownership interest in AES Oasis to the Islamic Development Bank (IDB) Infrastructure Fund, managed by Emerging Markets Partnership in Bahrain. AES expects this sale to close in the second or third quarter of 2003.
Completion of the transaction is subject to certain conditions, including government and lender approvals. At the time of closing, AES will receive cash proceeds of approximately $150 million.
AES Oasis is a newly created company that will own two electric generation and desalination plants in Oman and Qatar, the oil-fired generating facilities AES LalPir and AES PakGen in Pakistan, as well as future power projects in the Middle East.
AES is a global power company comprised of contract generation, competitive supply, large utilities and growth distribution businesses. The company's generating assets include interests in 160 facilities totaling over 55 gigawatts of capacity, in 30 countries. AES's electricity distribution network sells 108,000 gigawatt hours per year to over 16 million end-use customers. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
