Mitsui & Co. Ltd. (TSE:8031), Dhofar International Development and Investment Holding Co. SAOG (MSM:DIDI) and ACWA Power International agreed to acquire Dhofar Generating Company SAOC from Electricity Holding Company SAOC on March 23, 2015. In a related transaction, the Salalah 2 Independent Power Project is approved by the same consortium of investors by Oman Power and Water Procurement Company SAOC. Agreement for the transaction was signed on May 25, 2015. Under the terms of the deal, the project will add 400MW capacity from construction of Salalah 2 and 273MW from already existing Dhofar Power Plant. Upon completion of the transaction, Misui will hold 45%, ACWA will hold 45% and DIDI will hold 10% ownership stake in the overall project. Mitsui will operate both plants and sell electric power under a 15-year power purchase agreement with Oman Power and Water Procurement Company SAOC. The purchase of Dhofar Power Plant is expected to complete in May 2015. Michael Diosi of Allen & Overy LLP acted as legal advisor to Mitsui & Co. and ACWA Power.

Mitsui & Co. Ltd. (TSE:8031), Dhofar International Development and Investment Holding Co. SAOG (MSM:DIDI) and ACWA Power International completed the acquisition of Dhofar Generating Company SAOC from Electricity Holding Company SAOC on June 5, 2015.