Nebras Power expands its presence in Jordan's Power Sector

Nebras Power Q.P.S.C and Nebras Power Investment Management BV (NPIM) have announced that they have entered into a Sale and Purchase Agreement (SPA) to acquire the AES Corporation's (AES) interest in three Jordanian power projects together with Mitsui & Co., Ltd. Nebras currently owns a circa 24% in each of the 3 projects. Mitsui & Co., Ltd currently owns a 40% interest in each of the 3 projects. The closing of the acquisition is subject to obtaining approval from lenders to each of the project companies.

Upon closing, NPIM will be a majority shareholder and will have operational control on these plants, which have an aggregate capacity of more than 650 MW representing more than 14% of the current installed capacity in Jordan.

All power plants are located in Al-Manakher, 15 km east of Amman. IPP1 Power Plant and IPP4 Power Plant started commercial operations in August 2009 and July 2015 respectively. AM Solar Power Plant is expected to reach its commercial operational date in July 2019.