Nebras Power buys stake
in Jordan power plant
DOHA: Qatar’s Nebras Power QSC (Nebras) has announced that it has entered into an agreement to acquire 40 percent of The AES Corporation’s (AES) interest in IPP4 Al-Manakhir power plant in Jordan.
AES owns a 60 percent interest in the project through its wholly-owned subsidiaries. Mitsui & Co. Ltd of Japan owns the remaining 40 percent stake.
Pursuant to the agreement, Nebras will own a 24 percent effective interest in the project, which has a capacity of 241 MW. The transaction is expected to be completed in April 2015, a regulatory filing with Qatar bourse noted yesterday.
The IPP4 Al-Manakhir plant is located in Al-Manakhir, 15km east of Amman, and started commercial operations in July 2014.
The plant has 16 units supplied by Wartsila who was the EPC contractor. The units are tri-fuel and work on natural gas, heavy oil and diesel. The plant will provide additional generation to cope with the increasing peak demand for electricity in Jordan.
Speaking on the occasion, Nebras Chairman Fahad Hamad Al Mohannadi, who is also the General Manager and Managing Director of Qatar Electricity and Water Company (QEWC), said: “This step is in line with the vision of the Board of Directors to make Nebras Power a strong international company, and we are continuing with our international partners the development and investments in power generation and water desalination projects regionally and globally.”
Khalid Mohammed Jolo, CEO of Nebras, said: “Nebras Power started its investment activities in 2014, and after our first investment in the Shams Ma”””an project, we are proud to complete the investment in our second project in Jordan in less than one year.
“This indicates the importance of the Jordanian market for us. We are proud to have our second investment in Jordan. The company continues its commitment to expand its investments.”
The Peninsula
