Jubail Energy Company (JEC), the power plant joint venture between National Power Company (NPC) of Saudi Arabia and US-based CMS Energy, has been awarded Project Finance magazine’s ‘Deal of the Year’ award in the Middle East Independent Power Producer (IPP) category for 2003.
The award was conferred upon JEC during a ceremony in London in March 2004, in recognition of the company’s financing of the Saudi Petrochemical Company (SADAF) co-generation project, which is the first private independent power plant in Saudi Arabia.
The SADAF project is structured under a Build Operate Transfer (BOT) model, and the project will provide 250 Megawatts of electricity and 510 tons per hour of steam co-generation power from its site in Jubail Industrial City in the Eastern Province of Saudi Arabia. The project is expected to start up in the first quarter of 2005.
Project Finance’s Deal of the Year annual award is open to deals from different sectors including oil and gas, power/ renewable, transport and water in Europe, the Middle East, Africa, Asia-Pacific and the Americas. All submitted projects must have reached financial close or be due to close by the end of the year.
JEC is 75 percent owned by NPC, of which Zamil Group owns 50 percent and Al-Saif Group owns 50 percent. — (menareport.com)
© 2004 Mena Report (www.menareport.com )