Headline: Khalifeh & Partners Advises Nebras Power on Acquisition Deal
Qatari shareholding company Nebras Power has acquired 40% of global power major AES Corporation’s stake in Al-Manakhir IPP4 power plant in Jordan.
The announcement came at a meeting yesterday where AES president (Europe Middle East and Asia) Julian Jose Nebrada Marquez and Nebras CEO Khalid Mohamed al-Jolo said with the latest acquisition, Nebras will now own a 24% interest in the 241MW plant.
The plant reportedly meets more than 20% of Jordan’s power requirements.
The new transaction is expected to be completed next month.
AES currently owns a 60% interest in the project through its fully-owned subsidiaries. The remaining stake is held by Japan’s Mitsui & Co.
The Al-Manakhir Plant, which started commercial operations in July last year, has 16 tri-fuel units, and is working on natural gas, heavy oil and diesel. The plant is generating additional power to cope with the increasing demand for electricity in Jordan.
Speaking at the meeting, general manager of Qatar Electricity and Water Company (QEWC) and Nebras chairman Fahd Hamad al-Mohannadi said the latest acquisition of Nebras is in line with the vision of the company’s board of directors to turn Nebras Power into a strong global company.
The company, he said, along with its international partners, is pursuing continuing investments in power generation and water desalination projects, both within the region and outside. The company also owns a 35% stake in Shams Ma’an Solar PV project in Jordan.
Al-Jolo said, “Our company started its investments last year after we acquired stakes in the Shams Ma’an project, also in Jordan, and the deal involving Al-Manakhir plant is its second investment in the country in less than a year. It shows how important the Jordan power market is for Nebras.”
He also spoke about plans by the company in such markets as Morocco and Turkey, by investing in productive power plants and also by joining hands with some of the major players at the international level.
Echoing al-Mohannadi’s comments, al-Jolo said the latest investment is in line with Nebras’ long-term strategy to strengthen its international expertise and reach.
Marquez said AES is committed to delivering best standards and practices in the industry and would utilise all available opportunities in a fast growing market as Jordan, making use of the existing as well as new facilities being developed.
The $1bn Nebras Power was set up last year as a joint venture among QEWC (60%), Qatar Petroleum (20%) and Qatar Holding (20%).