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Jordanian gas-fired power plant wins finance

Acwa Power’s IPP5 combined cycle gas-fired power plant in Jordan is to get a financial injection from International Finance Corporation.

US-based IFC is to lend $75m and mobilise a further $200m for the project with the prospect of Kingdom Electricity Company taking a 33 per cent stake in theà‚ $475m projectà‚ .
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Saudi Arabia’s Acwa Power, located in Zarqa Industrial Zone, signed a 25-year power purchase agreement to develop the 485 MW scheme in late 2015.

Meed reports that the combined-cycle gas power plant will use turbines from the US’ GE. China’s Shandong Electric Power Construction Corporation III (Sepco III) will be the engineering, procurement and construction (EPC) contractor. Operations and maintenance (O&M) will be undertaken by Central Electricity Generating Company (CEGCO) of Jordan, in which Acwa owns a stake.

The scheme is due for commissioning in May 2018.

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