Nebras Power (QSC) has announced that it has entered into an agreement to acquire significant shares in a 52.5 MW solar power plant in the Hashemite Kingdom of 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%, DGE 35% and KAWAR GROUP 30% 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 52.5 MW 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, Mr. 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.” Mr. 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.
Commenting on the deal, the Chief Executive Officer (CEO) of Nebras Power 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”. “GCC and Middle East are some of the markets Nebras Power is focusing on and Jordan is one of the countries where Nebras Power will continue to consider investments in as it has a stable power demand growth and a well established Independent Power Producers (IPP) structure. ” Nebras Power was established in 2014 as a Qatari joint stock company in which Qatar Electricity and Water Company owns 60%, Qatar Holding LLC owns 20% and Qatar Petroleum International Limited owns 20%.
The authorized share capital of Nebras Power is one billion US dollar. The Company is aggressively venturing into development of large scale greenfield and brownfield Power and Desalination Projects, with additional interests in District Cooling/Heating, establishment of new LNG handling facilities for fuel supplies to power projects, Water Treatment Plants and Fuel sourcing and supply ventures to Utility related industries. Nebras has also embarked upon an ambitious drive of acquisition of some of the most promising assets both in the MENA region, South East Asia, Western Europe and beyond.
The KAWAR GROUP is a diversified regional leader in business established since 1955. The group is a leading provider and investor in shipping and transportation services, travel and tourism, healthcare, trade and project development, and information and communications technology (ICT) in addition to mining and energy.
Source : Qatar News Agency
