· Repowering Jordan's first Thermal plant
· Tariff is the most competitive offered in Jordan amongst all conventional IPPs
· Project leverages on the capabilities of CEGCO, a subsidiary of ACWA Power.
· Project demonstrates ACWA Power's commitment to socio-economic growth of Jordan; ensured no effective job losses due to the decommissioning of Hussein project
Dubai - ACWA Power has signed a 25 year Power Purchase Agreement with National Electric Power Company for the 485 MW Hussein CCGT IPP. The plant will be located in Zarqa Industrial Area (40KM north-east of Amman) and will replace Jordan's first thermal power station - the Hussein Thermal Power Station, which has been operating since 1975 and has recently been decommissioned.
The project, with a total investment cost of c.US$ 460 million, uses GE Energy's 9E turbines and runs on Natural gas as the primary fuel, and Light Diesel Oil as the secondary fuel. Shandong Electric Power Construction Corporation III (SEPCO III) will be the EPC contractor for the project, while the O&M will be undertaken by Central Electricity Generating Company (CEGCO) of Jordan.
Paddy Padmanathan, President and CEO of ACWA Power, said: "Hussein CCGT IPP is an important project for ACWA Power in Jordan. This transaction goes a long way in demonstrating our commitment to the socio-economic development of Jordan and in supporting NEPCO through provision of electricity reliably at the lowest possible cost in Jordan. The government of Jordan is to be commended on its approach to stimulating private investment in the energy sector and for ensuring that adequate new capacity is brought to line to feed growing social needs and economic activity."
Thamer Al Shahran, Managing Director of ACWA Power, said: "We are pleased to build up on our presence as one of Jordan's largest power generators (through CEGCO), in supporting Jordan's increasing demand for power and a balanced fuel mix by rehabilitating Hussein with a much more efficient plant and more importantly ensuring that there was no effective loss in jobs due to the decommissioning of the old plant.
Rajit Nanda, Chief Investment Officer of ACWA Power said: "We are proud to have offered an extremely competitive solution to NEPCO with a tariff that is among the lowest witnessed in Jordan's conventional power sector in the last decade. This transaction is yet another example where we could successfully push the envelope in order to offer the best value for money solution to our offtakers."
-Ends-
About ACWA Power:
ACWA Power is a developer, investor, co-owner and operator of a portfolio of power generation and desalinated water production plants currently with presence in 12 countries including in the Middle East and North Africa, Southern Africa and South East Asia regions. ACWA Power's portfolio, with an investment value in excess of USD 30.5 billion, can generate 21.5 GW of power and produce 2.5 million m3 /day of desalinated water to be delivered on a bulk basis to state utilities and industrial majors on long term off-take contracts under Public-Private-Partnership, Concession and Utility Services Outsourcing models.
ACWA Power, registered and head-quartered in the Kingdom of Saudi Arabia, is owned by eight Saudi conglomerates, Sanabil Direct Investment Company (owned by the Public Investment Fund of Saudi Arabia), the Saudi Public Pensions Agency and the International Finance Corporation (a member of the World Bank Group).
ACWA Power pursues a mission to reliably deliver electricity and desalinated water at the lowest possible cost while seeking to maximize local content and local employment creation, thereby contributing to the social and economic development of the communities and countries it invests in and serves.
ACWA Power strives to achieve success by adhering to the values of Diversity, Rigor, Ingenuity, Fairness and Integrity in operating its business.
Riyadh | Dubai | Beijing | Istanbul | Johannesburg | Rabat | Hanoi| Cairo
For more information, visit www.acwapower.com, or contact:
Jon Barber
Director - Communications & External Affairs
T + 971 (0)4 509 1052
M + 971 56 507 5710
F + 971 (0)4 385 9625
acwapower.com
22nd Floor, Nassima Tower
Sheikh Zayed Road
P.O. Box 30582, Dubai
United Arab Emirates
© Press Release 2016
