Nebras Power Signs Finance Pact for Solar Power Project in Jordan

qewc News

DOHA: Nebras Power, with its partners Diamond Generating Europe and Kawar Group, have signed a finance agreement for Shams Ma’an Solar Power Plant Project in Jordan.

Nebras is a Qatari joint stock company in which Qatar Electricity and Water Company (QEWC) owns 60 percent, Qatar Holding LLC owns 20 percent and Qatar Petroleum International Ltd has 20 percent stake.

The finance agreement for Shams Ma’an solar power plant project in Jordan is for 18 years with capacity of 52.5MW. Nebras Power owns 35 percent of the project, while DGE owns 35 percent and Kawar Group owns 30 percent, a regulatory filing on Qatar Exchange noted yesterday.

The signing ceremony took place at the Prime Ministry building in Amman, Jordan, on Sunday, in the presence of Jordan Prime Minister Abdullah Ensour and Japan Prime Minister Shinzo Abe. Nebras Power was represented during the signing ceremony by Fahad H Al Mohannadi, Chairman of the Board of Directors, and Khalid M Jolo, Chief Executive Officer.

The financing of the project is jointly done by a group of international banks and export credit agencies including Japan for International Cooperation (JBIC), Nippon Export and Investment Insurance (NEXI), Mizuho Bank and Standard Charter Bank.

Nebras Power along with its partners in accordance with this agreement will finance the development of the project and own and operate the Shams Ma’an solar power plant in Ma’an Jordan. The project’s importance comes from being one of the first renewable energy projects and the largest of its kind in Jordan.

Shams Ma’an Power Generation company has already signed power purchase agreement with National Electric & Power Company of Jordan in March 2014. It also signed an engineering, procurement and construction contract and operation & maintenance contract with First Solar of USA in July 2014. The project construction is expected to start in the second half of March 2015 and commercial operation is to begin by end of July 2016.

Fahad Hamad Al Mohannadi said: “We are very pleased to sign the financing agreement for Shams Ma’an project and we confirm that Nebras Power continues with its commitment to expand internationally in a conservative manner while sticking to its core areas of expertise. The importance of this project comes from being the first project and investment for Nebras Power and is a confirmation of the company’s policy of diversifying the fuel in its future investments.”

Khalid M Jolo said: “We are proud of this investment which is considered an expansion to Qatari investments in Jordan and a translation of the exceptional relationship between Qatar and Jordan. This project will support meeting the power demand requirements in Jordan and will have positive impact on the continuous development in Jordan. Nebras Power will strongly focus on building its portfolio in a balanced manner which will include renewables.”