Arab Today, arab today jd capital sells controlling stake in cegco to acwa power
Last Updated : GMT 00:59:46
Arab Today, arab today
Arab Today, arab today

JD Capital sells controlling stake in CEGCO to ACWA Power

Arab Today, arab today

Arab Today, arab today JD Capital sells controlling stake in CEGCO to ACWA Power

Amman - Arabstoday

Jordan Dubai Capital (JD Capital) announced on Thursday the sale of its controlling stake in the Central Electricity Generating Company (CEGCO) to ACWA Power International (ACWA Power) for a total consideration that values 51 per cent of CEGCO at $144 million. The sale agreement was signed by Ismail Tahboub, chief executive officer of Jordan Dubai Capital, and Mohammad Abunayyan, chairman of ACWA Power. “This is a strategic partnership as our investment in Jordan is a long term one,” Abunayyan said at a press conference Thursday. ACWA Power, he added, considers its investment in the company as feasible because there is an increasing demand on power in the Kingdom and a “huge” spending by the government on fuel. “We want to make the use of fuel more efficient in order to generate more power,” Abunayyan told journalists. Describing Jordan as a politically, economically and socially stable country, he said: “Jordan has a very suitable environment for attracting investments and this encouraged us to complete the deal.” He indicated that the company is ready to invest in new plants in the Kingdom. ACWA Power will focus on optimally utilising equipment at CEGCO’s seven generation plants to increase production of power, he added, noting that CEGCO currently generates 1, 700 megawatts from a mixed portfolio by technology and fuel type. Noting that investments in the Kingdom are feasible, he said the company is ready for investing in new plants in the Kingdom. CEGCO, the largest power generator in Jordan, was privatised in 2007 when 51 per cent of its equity was acquired by Energy Arabia, which was established in 2006 by Jordan Dubai Energy & Infrastructure - a wholly owned subsidiary of JD Capital - in partnership with Malakoff and Consolidated Contractors Company (CCC) to meet the growing demand for power generation investment and services in the region. The other shareholders in CEGCO are the government of Jordan which maintained a 40 per cent stake after the privatisation and the Social Security Corporation which acquired 9 per cent from the government, according to a statement by the Jordan Dubai Capital. Commenting on the sale, Tahboub said: “Under JD Capital’s stewardship, CEGGO has transitioned from a state owned company to a successful privately owned commercial enterprise. In securing the highest quality operator to manage the next phase of CEGCO’s development, JD Capital has shown itself to be a regional leader in acquiring managing and successfully exiting highly complex infrastructure assets. It is particularly pleasing to have seen strong foreign investor interest for the asset throughout the sale process which culminated in the sale of CEGGO to a highly respected Saudi Arabian company. This proves that the Government of Jordan’s strategy for private participation in the power sector has been successful and that the government continues to be a solid and credit worthy counterparty. We have secured reasonable return on our original investment, which is in line with the low risk nature of infrastructure assets.” JD Capital was advised on the transaction by Bank of America Merrill Lynch and Allen & Overy. ACWA Power is a developer, owner and operator of power generation and desalinated water production plants structured on a concession or utility outsourcing contract model co-funded within a limited recourse, project finance framework. The company, incorporated in the Kingdom of Saudi Arabia, is as a privately owned joint stock enterprise with a paid up capital of Saudi Riyal 3.71 billion.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today jd capital sells controlling stake in cegco to acwa power Arab Today, arab today jd capital sells controlling stake in cegco to acwa power

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures
View News in Arabic - Business: قضايا ساخنة
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday