ACWA completes stake bid in Enara Energy
Saudi power company takes controlling stake in Jordan's power
Saudi-based desalination and power company ACWA Power International has completed its 65 per cent controlling stake in Enara Energy Investments, which owns 51 per cent of Jordan’s Central Electricity Generating Company.
Earlier this year, ACWA Power announced its entrance into a binding agreement for a controlling stake in CEGCO, Jordan’s largest electricity producer. It also announced the sale of a minority stake in Enara, for which International Finance Corp, a member of the World Bank, invested $10.5 million. Together, the two transactions value 51 per cent of CEGCO’s shareholding, at $144 million.
ACWA’s chairman, Mohammed Abunayyan, said: "We believe that Jordan is a stable country politically, economically and socially, and we'll work on improving power delivery in the country. ACWA Power has agreed with IFC to implement an environmental and social action plan which will result in improved operational safety and create an environmentally sustainable platform at CEGCO's seven power plants in the country."
CEGCO’s generating capacity in Jordan is in the region of 1,500 megawatts, and ACWA Power has submitted a bid for the construction of a 650 megawatt greenfield power project to the east of Amman. It also lent its support to a CEGCO bid to build a peaking power project of 250 megawatts at an existing plant location.