QEWC to acquire stake in Jordanian power plant

QEWCQEWC has agreed to buy a 23.3 per cent stake in Jordan's Amman East power plant from a Bahraini infrastructure fund.Qatar Electricity & Water Co (QEWC) has agreed to buy a 23.3 per cent stake in Jordan's Amman East power plant from a Bahraini infrastructure fund.

Expanding internationally

QEWC bought the stake from IDB Infrastructure Fund, a US$730mn private equity fund established in 2001 and managed by EMP Bahrain. The move is part of the company's plans to expand its international footprint.

As part of the deal, QEWC will buy IDB's 38.9 per cent interest in AES Oasis Ltd, the 60 per cent owner of the holding company for AES Jordan, QEWC said in a statement.

AES Jordan PSC, a subsidiary of AES Corp and Japan's Mitsui & Co, is the operator of the Amman East plant.

No deal value was disclosed for the transaction, which is expected to close in the first-quarter of 2012. The Amman East power plant has an installed capacity of 370 MW.

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