Amman, July 2011 – The Central Electricity Generating Company’s (CEGCO) Board of Directors elects ACWA Power International’s Chairman Mohammed Bin Abdullah Abunayyan as its new Chairman during a Board meeting held on Sunday, 24th July 2011. Abunayyan’s election was announced subsequent to ACWA Power’s acquisition in June 2011 of 65% of Energy Arabia Investments (ENARA), which was established by Jordan Dubai Energy & Infrastructure – Jordan Dubai Capital’s investment art in the energy sector – and which owned a 51% controlling stake in CEGCO.
Led by Abunayyan and escorted by CEGCO’s CEO Eng. Abdel Fattah Al-Nsour as well as a group of the Company’s senior management, a delegation of ACWA Power executives visited CEGCO’s power stations across Jordan between the 23rd and 26th July 2011. As part of his new role as Chairman, Abunayyan inspected the Rehab Gas Turbine Power Station, Aqaba Thermal Power Station, Al Karak Power Station, Marka Power Station, Hussein Thermal Power Station in Zarqa, and the Company’s headquarters. In addition to the field visits, the delegation reviewed a presentation outlining the stations’ operations, and met with CEGCO employees.
Explaining ACWA Power’s particular interest in Jordan’s energy sector, Abunayyan said that as a global energy and water projects specialist focused on long-term investments, ACWA Power was attracted by Jordan’s political stability and its convenient socioeconomic climate, which he described as suitable for large-scale, long-term investments.
He also assured CEGCO’s staff that human resources development is amongst ACWA Power’s top priorities, stating that ACWA Power will be focusing on enhancing operational efficiency, facilitating the exchange of expertise, as well as providing training and job rotation opportunities to CEGCO’s staff. “Acquiring CEGCO is the first step in our expansion plans into Jordan’s energy sector, which we believe is an excellent market with great growth potential, not to mention a stable investment environment that’s facilitated by the smooth relations between our respective countries,” commented Abunayyan.
In turn, CEGCO CEO Al-Nsour stated that, as the largest power generator in Jordan supplying approximately 59% of the Kingdom’s energy needs, CEGCO aims to play a more active role in increasing Jordan’s electricity generation capacity. “Under ACWA Power’s guidance and with the help of our new development plans, we have no doubt that we will be able to further raise our operational efficiency and productivity levels in a manner that will better position us to cater to Jordan’s growing energy needs,” he said, adding that CEGCO currently operates seven power generation sites across the country totaling circa 1550MW of installed capacity from a mixed portfolio by technology and fuel type according to Power Purchase Agreements (PPA).
ACWA Power is a developer, owner and operator of power generation and desalinated water production plants structured on a concession or utility outsourcing contract model co-funded within a limited recourse, project finance framework. The company, incorporated in the Kingdom of Saudi Arabia, is a privately owned Joint Stock enterprise with a paid up capital of Saudi Riyal 3.71 billion. As a lead developer, ACWA Power International sets out to identify the technical solution, select the EPC and O&M Contractors, prepare a business case and a financial model, structure equity and debt financing, and submit a competitive and comprehensive offer for its water and energy projects.