Nebras Power buys QEWC shares in AES Oasis
The transaction is in line with Nebras Power investments in Jordan's energy market where Nebras Power has invested in the development of Shams Ma’an solar power plant in 2014 and signed an acquisition agreement to acquire a stake in IPP4 project in 2015
Nebras Power entered into an agreement to acquire Qatar Electricity and Water Company (QEWC) shares in AES Oasis, which owns 60% stake in AES Jordan Hold Co. AES Jordan owns Almnakhir independent power plant located in east of Amman with an installed capacity of 374 Megawatt (MW).
The agreement was signed by QEWC Managing Director and General Manager Fahad bin Hamad Al Mohannadi and Nebras Power Chief Executive Officer Khalid M Jolo, reported The Peninsula. The ceremony was attended by Faisal Obaid Alsiddiqi, Business Development Director at Nebras Power and Jimmy Chung, Finance Manager, QEWC.
“This transaction is in line with QEWC’s strategy to invest in the international market through its subsidiary Nebras Power which it owns 60% of its shares, while QEWC focuses on investments in power generation and water desalination in the Qatari market,” said Fahad Hamad Al Mohannadi.
Almnakhir power plant project is considered to be the first IPP project in Jordan, which was commissioned in 2009. The project sells the electricity generated to National Electricity and Power Company of Jordan through a long-term power purchase agreement which expires in 2033.
“We are pleased with this accomplishment which is considered another expansion of Nebras Power investment internationally. We would like to thank QEWC for their cooperation to conduct this transaction. Jordan is one of the countries that Nebras Power is looking to expand its investments in as it has continuous growth for power demand and has a well structured IPP programme,” said Khalid Jolo.
This transaction is done in line with Nebras Power investments in the Jordanian energy market where Nebras Power has invested in the development of Shams Ma’an solar power plant in 2014 and signed an acquisition agreement to acquire a stake in IPP4 project in 2015.
Nebras Power Company was established in 2014 as a Qatari joint stock company by QEWC, Qatar Petroleum International Limited and Qatar Holding. The company invests internationally through investments in new and existing projects and through acquisition of power generation and water desalination and treatment projects, cooling and heating projects. The company also will invest in LNG facilities and fuel loading and unloading facilities related to power plant projects.
QEWC is one of the major companies in Qatar and the Arabian Gulf region which owns and operates a large portfolio of power generation and water desalination stations in Qatar. In the last two decades, QEWC has continued to expand its activities and production through fully owned and exclusively managed plants and through jointly owned and managed plants.