Zarqa CCGT power plant

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The financing will be used for the construction of the 485 MW combined-cycle gas turbine (CCGT) project in Jordan, Zarqa, 40 km north east of Amman. The project, Zarqa CCGT power plant, will be developed as a new greenfield project on a brownfield site - the existing landholding of the Hussein Thermal Power Station (HTPS), located in Zarqa. The Project company is 100 per cent owned by Red Sea Energy, which is in turn 85 per cent owned by ACWA Power and 15 per cent owned by IFC. ACWA Power and IFC as sponsors will develop the plant via its special purpose vehicle Mahatat Al Zarqa Le Tawleed Al Takah Al Kahrabaieyah. The project originated as a proposal from the developer to construct a new gas fired power plant within an existing site. The project is contracted under a 25-year BOOT scheme (Build-Own-Operate-Transfer) with NEPCO. The output energy will be supplied to the National Electricity Power Company of Jordan (NEPCO), under a 25-year Power Purchase Agreement. The project will be operated and maintained by the Central Electricity Generating Company (CEGCO). The plant will provide vital energy capacity to Jordan and is of strategic importance for the energy security of the country. The project is expected to cost $475 million. 76 per cent of the total cost is funded by debt, with the remaining 24 per cent sponsor's equity. The project achieved financial closure on December, 15 2016. Zarqa CCGT power plant is supported by EBRD and IFC in the form of loans, $ 75 million each. The remaining debt funding comes from commercial and IFIs -ICBC, Europe Arab Bank, China Construction Bank and OPEC Fund for International Development. Multilateral Investment Guarantee Agency is providing guarantee amounting to $215.6 million. https://ijglobal.com/data/transaction/36043/al-zarqa-ccgt-plant-485mw https://disclosures.ifc.org/#/projectDetail/SII/38207 http://ifcextapps.ifc.org/IFCExt/Pressroom/IFCPressRoom.nsf/0/92D5630BCAE2CA77852580B9005D84FF The Project company is 100 per cent owned by Red Sea Energy, which is in turn 85 per cent owned by ACWA Power and 15 per cent owned by IFC