Doha (November 6, 2017)

Nebras Power Q.P.S.C. has announced that it has entered into a shareholder agreement with AES to develop a 52 MWe solar power plant in the Hashemite Kingdom of Jordan along with Mitsui & Co. According to this agreement Nebras Power will have 24% interest in the project.

 

Nebras Power along with its partners will finance, build own and operate the plant located east of Amman, Jordan.

 

The importance of this project is that it is the fourth power project for Nebras Power in Jordan after Amman East, IPP4 Al Manakhar and Shams Maan Power Plants. It is also the second power project to use solar energy technology, which underlines the importance of clean energy projects for Nebras and reflects its commitment to expand its investments in this sector.

 

The partners had previously signed a 20 years power purchase agreement (PPA) for the entire electricity generated with the Jordanian National Electric Power Company (NEPCO). Construction and financing contracts are under finalization.

 

"With this move, Nebras Power continues its commitment to global expansion at a measured pace while adhering to its core business and expertise, and we are delighted to be a partner in this project. This step comes in line with Nebras Power's long-term global investment strategy and is consistent with the vision of its Board of Directors " said HE Mr. Fahad Bin Hamad Al Mohannadi, Chairman of Nebras Power. He added: "Nebras Power will continue its efforts to increase its electricity production capacity, taking into account the importance of the diversity of fuel used."

 

Commenting on the transaction, Engineer Khalid Mohammed Jolo, CEO of Nebras Power said: "We are delighted with this investment, which is an expansion of Qatari investments in the Kingdom of Jordan, and Nebras Power will focus on building a balanced investment portfolio which includes renewable energy. Utilizing the extensive experience in development, operation, maintenance, and the strong financial position are some of the key reasons that put Nebras Power on an ambitious road map that has made it eager to become one of the best power and water developers, and we are working hard through our investments to achieve this goal."

 

Mr. Faisal Obeid Al Siddiqi- Chief Business Development Officer at Nebras Power said "The Hashemite Kingdom of Jordan is an important country for Nebras Power, where it seeks to expand its investments as Jordan has a steady growth in energy demand and has an established framework for independent power producers. We are proud to invest in our fourth project in Jordan in a short period of time."