Saudi Arabia based ACWA Power Internationa has completed a deal to take a stake in Jordan's Central Electricity Generation Company (CEGCO). ACWA, which develops privately owned and financed power generation and desalinated water production plants, has finalised an agreement with Jordan Dubai Capital (JDC) which owns a 65 percent stake in Enara Energy Investments, which in turn holds 51 percent ownership of CEGCO. ACWA Power, which first expanded outside Saudi Arabia with a deal in Oman last year, said the transaction values 51 percent of CEGCO at $144m.
CEGCO is the largest power generator in Jordan, with seven power generation complexes nationwide totalling about 1700 MW of capacity, meeting around 59 percent of the country's current electricity consumption.
The transaction is part of ACWA's plan for regional expansion. Last year it took over the Barka I IWPP in the Sultanate of Oman. Upon completion of the acquisition, ACWA will have a 65 percent controlling stake in Enara, which is co-owned by Malakoff, the Malaysian electricity company (25%) and Athens-based Consolidated Contractors Company (10%). CEGCO will continue to be owned 40 percent by the Government of Jordan and 9 percent by the Social Security Corporation of Jordan.
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