Jul 07 2011 |
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IFC & ACWA Power Investment partnership Supports Jordan's Power Sector, Boosts Investor Confidence
Dubai, United Arab Emirates, July 7th, 2011-- IFC , a member of the World Bank Group, and International Company for Water and Power Projects ( ACWA Power ), a Saudi power and water desalination firm, are investing in Jordan's largest electricity producer to improve power delivery in the country and boost investor confidence in Jordan's energy sector.
IFC is investing about $10.5 million to support ACWA Power 's acquisition of Enara Energy Investments PSC, which in turn owns 51 percent of Jordan's Central Electricity Generating Company ( CEGCO ). IFC 's investment will support ACWA Power 's plans to improve the efficiency of CEGCO 's power plants through their repowering, up-rating and rehabilitation and to expand CEGCO 's generating capacity to keep pace with the country's rapidly growing electricity needs.
"This partnership with IFC is yet another key milestone in the history of ACWA Power , as we continue to expand our operations in the GCC region, Jordan, Turkey, Egypt, Morocco and South Africa," said Paddy Padmanathan, ACWA Power 's President and CEO. "Working together with IFC , our focus will be to deliver power in the most sustainable manner at the lowest possible cost."
" IFC understands that infrastructure in the Middle East and North Africa will require significant investments in the coming years to make possible the kind of economic expansion the region needs for its growing population," said Gulrez Hoda, IFC Director for Infrastructure and Natural Resources in Europe, Central Asia, Middle East and North Africa. "That's why supporting regional investors like ACWA Power is a priority for us."
This partnership marks the beginning of a long-term relationship between IFC and ACWA Power , which are looking to collaborate on power delivery and water desalinization projects.
-Ends-About IFC
IFC , a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit www.ifc.org.
About ACWA Power
ACWA Power
is a developer, owner and operator of power generation and desalinated water production plants structured on a concession or utility outsourcing contract model co-funded within a limited recourse, project finance framework. The company, incorporated in the Kingdom of Saudi Arabia, is a privately owned Joint Stock enterprise with a paid up capital of Saudi Riyal 3.71 billion. As the lead developer of each opportunity it elects to pursue,
ACWA Power
always endeavors to select the optimal technical solution, acquire the appropriate engineering, procurement and construction solutions, prepare a robust business case and a financial model, structure equity and debt financing, and submit a competitive and comprehensive offer to supply water and/or power.
Stay Connected
www.facebook.com/IFCwbg
www.twitter.com/IFC_org
www.youtube.com/wbifc
www.ifc.org/SocialMediaIndex
In Cairo:
Riham Mustafa
Phone: +20 22 461 4230
E-mail: RMustafa@ifc.org
In Riyadh:
Abdullah Al-Meshwal
Mobile: +966558811751
Email: aalmeshwal@acwapower.com
© Press Release 2011
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