Central Electricity Generating Company (Cegco)

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In September 2007, the Jordan's government divested 51% of Central Electricity Generating Company (CEGCO) and sold it to Energy Arabia (ENARA), a consortium of Dubai Holding (33.1%), MMC Corporation Bhd (12.8%) and Consolidated Contractors International Company (5.1%). In 2011, Dubai Holding sold its stake in the company to ACWA Power, a major Saudi Arabian developer. Acwa Power bought a 65 per cent stake in Enara in July 2011 from Jordan Dubai Capital with the World Bank’s International Finance Corporation, which provided $10.5 million. Athens-based Consolidated Contractors Company (CCC) holds the remaining 10 per cent ownership stake in Enara. The transactions valued 51% of Cegco shareholding at $144 million. In 2012, Saudi Arabia's ACWA power bought a 25 per cent stake in Enara Energy Investment from Malaysia’s Malakoff, bringing their total ownership of shares to 90%. Central Electricity Generating Company (Cegco) was in charge of generating electricity nationwide. As of the end of 2007, Cegco had a total generating capacity of 1,700 MW from four large power stations in Aqaba, Rehab, Hussein and Risha and from four smaller power stations across the country. As of end 2008, Cegco sold 100% of its power under purchase agreements to Jordan's state-owned electrical utility, National Electric Power Company. The contract was awarded in May 2007 following an international competetitive bidding process. Three final bidders had been prequalified. The name of bidders remained undisclosed. The deal signed with Energy Arabia (ENARA) included a cash payment of US$120 million and settling over US$200 million of the state-owned company's debts. In 2012, Cegco owned seven power generation complexes totalling about 1,700MW of capacity. The projects supply about 51% of Jordan's energy needs.