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Nebras buys 24% stake in Jordan power plant

Qatari company swoops for share of IPP4 Al-Manakhir project from AES Corp.

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Jordan, Nebras power, News

Qatari investment vehicle Nebras Power has agreed to acquire a 24% stake in the IPP4 Al-Manakhir power plant in Jordan.

The purchase is being made from US company AES Corporation, which owns a 60% holding in the 241MW project while Mitsui & Co. of Japan owns the remaining 40% stake.

The transaction is expected to be completed in April 2015.

IPP4 is located in Al-Manakhir, 15 km east of Amman and started commercial operations in July 2014. The plant has 16 tri fuel units supplied by Wartsila who was the EPC contractor.

Nebras Power is an internationally focused infrastructure investment firm 60% owned by Qatar Electricity and Water Company (QEWC), with the remainder split between Qatar Petroleum and Qatar Holding.

Nebras chariman Fahad Hamad Al-Mohannadi 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."

This is Nebras Power’s second investment in Jordan in recent months following the acquisition of a 35% stake in the 52.5MW Shams 1 solar PV project in Jordan.

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. The company continues its commitment to expand its investments with balanced steps and sticking to core business and expertise.”

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