Saudi company to acquire 51% of the Jordanian Central Electricity Generating Company
The International Finance Corporation, a member of the World Bank Group, will invest about $10.5 million to support the International Company for Water and Power Projects (ACWA Power), a leading Saudi energy and desalination company, to acquire 51% of the Jordanian Central Electricity Generating Company (CEGCO).
The IFC’s investment will support ACWA’s plans to improve the quality of the Jordanian Central Electric Station, by improving its abilities, upgrading its capacity, and replacing and renewing operations. The investment will increase the amount of energy that CEGCO generates to ensure that it can respond to the increased electricity needs of the country.
In this context, Paddy Padmanathan, the Chief Executive of ACWA Power Company stated that, “This partnership with the IFC is yet another key milestone in the history of ACWA Power, as we continue to expand our operations in the GCC region, Jordan, Turkey, Egypt, Morocco and South Africa. Working together with the IFC, our focus will be to deliver power in the most sustainable manner at the lowest possible cost.”
In the context of its financial plans, ACWA Power agreed to execute an environmental and socially responsible plan to upgrade employment safety and create a sustainable environmental program in CEGCO’s seven power stations located throughout Jordan.