IFC and ACWA Power support Jordan’s energy sector

International Finance Corporation (IFC), a member of the World Bank Group, and International Company for Water and Power Projects (ACWA Power), a Saudi power and water desalination firm, announced in a press release this week that they are investing in Jordan’s largest electricity producer to improve power delivery in the Kingdom and boost investor confidence in Jordan’s energy sector. “IFC is investing about $10.5 million to support ACWA Power’s acquisition of Enara Energy Investments PSC, which in turn owns 51 per cent of Jordan’s Central Electricity Generating Company (CEGCO),” the press statement said. “IFC’s investment will support ACWA Power’s plans to improve the efficiency of CEGCO’s power plants through their repowering, up-rating and rehabilitation and to expand CEGCO’s generating capacity to keep pace with the country’s rapidly growing electricity needs.” ACWA Power and IFC will acquire equity shares in Enara, a holding company created by CEGCO's current owner Jordan Dubai Capital, which bought CEGCO in 2007. CEGCO is the largest power generator in Jordan, with seven power plants nationwide. Together, these facilities have about 15550 megawatts of installed capacity, or about 59 per cent of the country’s total.