Qatar buys stake in Jordan solar power plant
Nebras Power joins Mitsubishi in entering 52.5MW development.
Qatar has joined Mitsubishi Corp in buying into the largest solar power plant being built in Jordan.
Nebras Power, the body set up by Electricity & Water Company (QEWC) last year to buy foreign power and water assets, and the Japanese giant have each purchased a 35% stake in the project.
Jordan’s Kawar has reduced its holding in the plant to 30% after selling 70% of the 52.5MW Shams Ma’an.
The consortium will finance, build and operate the plant and has a 20-year deal in place to supply Jordan's National Electric Power Co (NEPCO) for the plant's entire output.
The project is part of an initiative by Jordan to generate 850MW of renewable energy per year and is one of the first to come online.
Nebras Power’s chairman, Fahad Hamad Al-Mohannadi, said the deal represented the start of its plan to expand internationally, but on a conservative basis.
CEO Khalid Jolo said: “We are pleased to have this investment which is considered an expansion to Qatari investments in Jordan."
Nebras Power is a $1bn investment vehicle which is 60% owned by QEWC with the remaining 40% split evenly between Qatar Holding and Qatar Petroleum.