Acwa Power buys stake in Jordanian electricity company

05 June 2011

Transaction values Central Electricity Generation Company at $144m

Saudi Arabia’s Acwa Power has purchased a stake in Jordan’s Central Electricity Generation Company (Cegco) from Jordan Dubai Capital (JDC).

The transaction gives Acwa control over a 51 per cent stake in Cegco. Under the deal it will buy JDC’s 65 per cent stake in Enara Energy Investments, a holding company that owns a 51 per cent stake in Cegco. The deal puts the value of Enara’s stake in Cegco at $144m.

Malaysia’s Malakoff and Athens-based Consolidated Contractors Company will continue to own 25 per cent and 10 per cent of Enara respectively. Cegco will continue to be 40 per cent owned by the Jordanian government while the Social Security Corporation holds 9 per cent and Enara holds the remaining 51 per cent.

Cegco is the largest power generator in Jordan with seven power generation complexes across the country totalling around 1,700MW of installed power capacity from a mixed portfolio of technology and fuel types meeting around 59 per cent of the country’s current electricity consumption.

“The stable investment climate of the Hashemite kingdom of Jordan and the socio-economic growth opportunities combine to give us a perfect platform to build our regional growth ambitions,” says chairman of Acwa Power Mohammad Abunayyan.

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