Energy Arabia (ENARA), a consortium of Arab and Asian investors, has bought a majority 51% stake in Jordan’s government-owned Central Electricity Generating Company (CEGCO), officials said on Thursday.
They said the deal includes a cash payment of $120 million and settling over $200 million of the state-owned company’s debts.
The sale gives the consortium a majority share of 1,700 megawatt of generating capacity from four large power stations in Aqaba, Rehab, Hussein and Risha and from four smaller power stations across the country.
Energy Arabia is 65% owned by Jordan Dubai Capital (JD Capital), a $300 million investment company that targets private equity opportunities in the Jordanian economy.
Energy Arabia’s other shareholders are Malaysia’s Malakoff, a leading independent power producer in Asia and Consolidated Contractors, one of the Middle East’s largest construction companies.
Under the agreement, the government of Jordan would own 40% of CEGCO, while the Social Security Corporation, the government’s pension fund would take the remaining 9%.
JD Capital is an affiliate of Dubai International Capital, a Dubai-based international investment firm that is a wholly owned subsidiary of government owned Dubai Holding.
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