ACWA Power signs deal with Jordan

03 Jun 2011

(MENAFN) Saudi ACWA Power International’s (ACWA Power) chairman, Mohammad Abunayyan, said that the Saudi based company signed a deal with Jordanian authorities by which it would gain a controlling stake in Jordan’s Central Electricity Generation Company (CEGCO), reported Arab News.

Abunayyan added that Jordan Dubai Capital (JDC) owned a 65 percent stake in Enara Energy Investments PSC (Enara) which had 52 percent ownership of CEGCO, adding that the purchase would put the value of the 51 percent of CEGCO at USD144 million. On the other hand, ACWA would get 65 percent stake of Enara from JDC.

He also said that the deal would go in line with the company’s regional expansion plan, since the stable investment climate of Jordan and its socioeconomic growth potentials would offer ACWA a perfect platform to establish its regional growth ambitions.

It is worth noting that CEGCO is the largest power generator in Jordan, with seven power generation complexes nationwide totaling 1,700 MW of installed power capacity.

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