COFIDES will support GS Inima—a global leader in sustainable solutions for the water and renewable energy sectors—in the development, financing, design, construction, operation, and maintenance of a 6.3 MWp photovoltaic self-consumption plant in Oman.
This solar plant will supply energy to the Barka V desalination plant, a state-of-the-art facility developed by the Spanish company that is key to ensuring water security and supply in the country. Barka V began commercial operations in June last year and has a production capacity of 100,000 m³/day, serving 800,000 residents in the Muscat and Batinah areas, the most densely populated regions in Oman.
The project highlights GS Inima’s commitment to integrating renewable energy into its water desalination solutions. With a total investment of nearly €5 million, the plant will occupy a 40,000 m² site and is expected to meet approximately 11% of Barka V’s electricity needs through June 2044, significantly reducing the environmental impact associated with fossil-fuel-based power generation.
Miguel Ángel Ladero, COFIDES' Chief Investment Officer, stated: “GS Inima’s project is an example not only of innovation and leadership but also of environmental responsibility, sustainability, and energy transition. It actively contributes to SDG 7 by promoting access to affordable, reliable, sustainable, and modern energy for all.”
Juan José Benayas, CEO of the concessionaire “GS Inima Barka 5 Desalination Co,” commented: “The financing of the Barka V photovoltaic plant marks the completion of a project that began in 2022. In addition to reaffirming our environmental commitment, GS Inima is optimizing the profitability of the Barka V desalination project, which is 100% owned by GS Inima, and strengthening its presence in the Middle East. COFIDES' support has been key to this investment, and we would like to express our gratitude to the entire COFIDES team who collaborated with GS Inima throughout this phase.”
ABOUT GS INIMA
GS Inima, part of the Korean multinational GS E&C (http://www.gsenc.com/en/), specializes in environmental activities related to the complete water cycle and renewable energy. GS Inima is involved in all stages of the projects in which it participates: design, engineering, procurement, construction, financing, operation, and maintenance, in both public and private sectors. With operations in 12 countries across four continents, the company’s project portfolio reached €10.44 billion in 2024, with revenues of €389 million and an EBITDA exceeding €106 million. More information: www.inima.com
ABOUT COFIDES
COFIDES is a state-owned company that manages public financial instruments, as well as its own resources and those of third-party institutions, for various objectives: the internationalization of the Spanish economy, attracting foreign investment into strategic sectors in Spain, promoting impact investing in Spain, and contributing to the development of the countries in which it invests. Alongside the Spanish State, which holds a majority stake, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell, and CAF–Development Bank of Latin America.
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