RIYADH, Saudi Arabia, August 25, 2011 -- Saudi Arabian water desalination and power generation company ACWA Power International has finally completed an acquisition that means it owns a controlling stake in Jordan's largest electricity producer, CEGCO (Central Electricity Generating Co).
The firm has purchased a 65% share in Enara Energy Investments, which in turns owns 51% of CEGCO in Jordan. ACWA Power has also sold a minority stake in Enara to the International Finance Corp (IFC), a member of the World Bank Group.
It was back in June this year that ACWA Power entered a binding agreement with Jordan Dubai Capital to acquire a controlling stake in the electricity producer.
CEGCO produces 1,550MW of installed power capacity, meeting 59% of the country's current electricity consumption through seven power generation complexes across the country.
However, existing power plants are close to decommissioning and, as part of the agreement, ACWA Power will be supporting CEGCO to repower or refurbish infrastructure and increase availability and quality of electricity supply in Jordan.
- In February 2012, WaterWorld Middle East conference and exhibition will include high level debate on desalination trends and water reuse in the power sector. For more information, please click.