Jordan Dubai Capital (JD Capital), an investment company based in Amman, whose largest shareholders are Dubai International Capital and the Social Security Corporation of Jordan, today announced the sale of its controlling stake in the Central Electricity Generating Company (CEGCO), the largest power generator in Jordan to ACWA Power International (ACWA Power), a major Saudi Arabian developer, owner and operator of privately financed bulk water desalination and power generation projects for a total consideration that values 51% of CEGCO at $144m.
CEGCO is the largest power generator in Jordan with seven power generation sites across the country totalling circa 1700MW of installed capacity from a mixed portfolio by technology and fuel type. CEGCO was privatized in 2007 when 51% of CEGCO was acquired by Energy Arabia (ENARA), which was established in 2006 by Jordan Dubai Energy & Infrastructure - a wholly owned subsidiary of JD Capital - in partnership with Malakoff and Consolidated Contractors Company (CCC) to meet the growing demand for power generation investment and services in the region. The other shareholders in CEGCO are the Government of Jordan which maintained a 40% stake after the privatization and the Social Security Corporation which acquired 9% from the Government.
Commenting on the sale David Smoot, Chairman of Jordan Dubai Capital said, "After four years, JD Capital has come to the end of its natural hold period for an asset of this type. JD Capital will continue to concentrate on the development of its portfolio as well as look for future growth areas in Jordan in which to invest based on our belief that Jordan remains an attractive destination for regional and international investment."
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