| 29 Jan 2012 |
Qatar Electricity to take 23% stake in Amman East, eyes Dubai's Hassyan 1 - source
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The Qatar Electricity and Water CompanyQatar Electricity and Water Company
(QEWCQEWC) has acquired from Saudi-based Islamic Development Bank a 23% stake in Amman East Power Plant, which has a capacity of 300 MW, a person close to the deal told Zawya.Zawya Dow Jones had earlier reported that QEWCQEWC plans to acquire the stake in Amman East in partnership with foreign investors, including US-based companies, citing a report in Doha-based Al Arab daily. The value of the deal was not disclosed and the contract will be signed "soon", the person said.
QEWCQEWC is also looking at investing in the Hassyan 1 power project, the first public-private partnership project in Dubai's power sector, the person said. The Qatari company is negotiating with the Government of Dubai on pricing and other details, the person said.
QEWCQEWC also plans to invest in the electricity sector in Tunisia, where it has signed an agreement with the Tunisian Company for Electricity and Gas, on the possibility of investing in future power plants in the country.
, had earlier confirmed that the company is looking to invest in the power sectors of all the Gulf countries. Moody's Investors Service recently assigned a AA+ credit rating to QEWCQEWC.The company posted a net profit of QAR 1 billion for the first nine months of 2011, up 25.4% from QAR 834.4 million during the same period of 2010. QEWCQEWC has not yet announced its full-year 2011 financial results, but the person told Zawya that net profit for the year is expected to be "significantly better" than 2010.
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