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Nebras Energy acquires stake in 3 stations in Jordan

Posted By Morris On 05 Mar 2019 in Power and Energy

Nebras Energy
Contribute to the provision of more than 700 MW to the Jordanian electricity network Nebras Energy and Nebras Investment Management BV In. Nebras Power Investment (Management BV NPIM), signed an agreement to acquire AES Corporation's stake in three existing power generation projects in the Hashemite Kingdom of Jordan in partnership with Mitsui & Co (Mitsui) has a 40% stake in each of these projects, and the completion of the acquisition in this transaction will require the approval of the sponsors of these projects When the deal is done, it will be evil Nebras Investment Management BV is the largest shareholder in these companies and will lead the operations in these plants with a total production capacity of about 650 MW, representing more than 14% of the total installed power in Jordan. In the Manakhar area, 15 km east of Amman, Jordan. The East Amman Power Plant and the IPP 4 Power Plant started commercial operations in August 2009 and July 2015, respectively. While the AM Solar plant is expected to start commercial operation in July 2019. On the occasion, Mr. Fahad Bin Hamad Al Mohannadi, Chairman of Nebras Energy commented: "This move is in line with the vision of Nebras Energy Board And we continue to develop and invest with our global partners in regional and global power and desalination projects. "The expansion of our investments in the Kingdom of Jordan is a result of the confidence we have built in the Jordanian energy market and its systems over the past few years." Nebras began its investment activities in the second half of 2014, continuing our four investments We are proud to have completed this transaction to promote these investments, which demonstrates the importance of the Jordanian energy market for us. " "The company will continue to expand its investments in balanced and geographically and technologically diversified steps in line with the company's long-term strategy to expand and strengthen its global presence and investment expertise. This deal is in line with our objectives to develop infrastructure projects that support development and economic and social growth by providing part of the needed electricity needs. " Mr. Jolo concluded by thanking the members of the Group for their efforts and cooperation which culminated in the signing of the Acquisition Agreement. Commenting on the transaction, Mr. Faisal Al Siddiqui, Head of Business Development at Nebras commented: "We are pleased to complete this transaction, which is an expression of the strength of our partnership with the Hashemite Kingdom of Jordan. With the addition of these projects, Nebras Energy and its partners will provide more than 700 megawatts to the Jordanian electricity grid, which will contribute to the steady growth in demand for electricity and the stability of the energy sector in the Kingdom. "

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