Doha: Nebras Power has announced that it has entered into an agreement to acquire significant shares in a 52.5 MW solar power plant in Jordan along with Diamond Generating Europe, Ltd (DGE) (a subsidiary of Mitsubishi Corporation) and Kawar Group.
Upon completion of the transaction Nebras Power will have 35 percent, DGE 35 percent and Kawar Group 30 percent interest in the project. The transaction is subject to customary approvals and is expected to be closed during July 2014, said Nebras Power in a statement. Nebras Power along with its partners will finance, build own and operate the solar power plant in Ma’an city in Jordan, one of the first clean energy power projects in Jordan, and considered to be the largest project of its kind in Jordan.
Speaking on the occasion, Nebras Power’s Chairman Fahad Hamad Al Mohannadi said that Nebras has started its commitment to expand internationally in a conservative manner whilst sticking to its core areas of expertise and is very pleased with Nebras’ first project. This move is in line with the international long term investment strategy of Nebras Power and the vision of its Board of Directors. “Nebras Power will continue to increase its electricity production capacity keeping in mind the importance of fuel diversity.” Al Mohannadi added.
The project was tendered as part of a total capacity of 850 MW of renewable energy to be developed all over the Kingdom of Jordan. A 20 years Power Purchase Agreement was signed with the National Electric Power Company (NEPCO) for the entire output of the plant.
On the possibility of future business expansion in Jordan, Al Mohannadi said that there Qatar Electricity and Water Company (QEWC) already has an investment with East Amman Power Plant, adding that in the future, all the overseas investments of QEWC will accrue to Nebras Power.
With regard to the possibility of establishing solar energy projects, similar to Ma’an, in Qatar, Nebras Power’s Chairman said that the weather conditions in the Gulf region do not allow high rates of success to solar energy projects due to the dust and humidity in the atmosphere.
Nebras Power CEO Khalid Jolo said, “We are pleased to have this investment which is considered an expansion to Qatari investments in Jordan. Nebras Power will be strongly focusing on building its portfolio in a balanced manner which will include renewables. We would like to thank our partners and the sellers for their cooperation and efforts in making this transaction happen”.
Nebras Power was established in 2014 as a Qatari joint stock company in which QEWC owns 60 percent, Qatar Holding LLC owns 20 percent and Qatar Petroleum International Ltd owns 20 percent.
QNA
