Nebras Power acquires stake in Jordan power project

17 March 2015 (Last Updated March 17th, 2015 18:30)

Qatar-based Nebras Power has acquired 40% of AES Corporation's stake in the IPP4 Al-Manakhir power plant in Jordan.

Qatar-based Nebras Power has acquired 40% of AES Corporation’s stake in the IPP4 Al-Manakhir power plant in Jordan.

The 241MW facility accounts for more than 20% of the Asian country’s power requirements.

According to the terms of the acquisition, Nebras will own a 24% interest in the project.

At present, AES holds 60% interest in the project, the rest of which is owned by Japan’s Mitsui & Company.

"The facility houses 16 power generating units, which are fuelled by natural gas, heavy oil, and diesel."

Financial details of the deal, which is expected to close by next month, have not been disclosed.

The facility houses 16 power generating units, which are fuelled by natural gas, heavy oil, and diesel.

Commercial operations for the tri-fuelled facility were initiated in July 2014.

Wartsila was the EPC contractor for the facility, which is expected to suffice the rising power demands in Jordan.

Nebras CEO Khalid Mohamed al-Jolo said: "Our company started its investments last year after we acquired stakes in the Shams Ma’an project, also in Jordan, and the deal involving Al-Manakhir plant is its second investment in the country in less than a year."

The investment is in line with the company’s long-term strategy for expanding international expertise and reach.

Nebras intends to invest in power-generating projects in Morocco and Turkey, and co-ordinate with major international power producers.

Nebras Power is a joint venture entity formed by Qatar Electricity and Water Company (QEWC) with 60% stake, along with Qatar Petroleum and Qatar Holding owning 20% each.