Instrata expands portfolio with Salalah IWPP stake

Bahrain-based investment manager Instrata Capital has made its third move in the regulated water/power supply market with the purchase of a stake in the Salalah IWPP in Oman from the Oman Investment Corporation (OIC).

Instrata – which manages the Shariah-compliant Bunyah fund – would not confim the size of the stake taken in the project. Its existing IWPP portfolio also contains a 5% stake in the Ad Dur plant in Bahrain, and an 8% stake in the Barka 1 plant in Oman.

Salalah is a 68,200m³/d & 400MW plant in the south of Oman, awarded in early 2010 to a consortium of Sembcorp (60%) and OIC (40%). It is scheduled to be fully completed in April this year, with a portion of the power capacity already online.

OIC will retain a portion of its stake in the development company, which will undergo an IPO in the next few years under Omani law.