Eesti Energia's power station in Jordan gets constructor and investor

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Eesti Energia's power station in Jordan gets constructor and investor

BC, Tallinn, 18.12.2013.
The oil shale-consuming power station planned by Estonian state-owned company Eesti Energia in Jordan will be built by a Chinese state company for a 1.4 billion USD loan taken from two Chinese banks, LETA/Äripäev.ee reports.

Attarat Power Company, which partly belongs to Eesti Energia via its parent company and develops the oil shale power station project in Jordan, concluded at the end of last week preliminary contracts with the builder and financers of the power station.

 

The construction and design procurement of the 540 megawatt oil shale power station was won by Guangdong Power Engineering Corporation (GPEC), which belongs to Chinese state-owned company China Energy Engineering Group.

 

According to the bid of Guangdong Power, the power station will be designed by international engineering bureau WorleyParsons, boilers will be built by Foster Wheeler and turbine supplied by Siemens. The winner of the construction and design contest was chosen from among six construction and design companies, Eesti Energia said.

 

Attarat Power Company concluded preliminary contracts for financing with Bank of China and Industrial Commercial Bank of China. The nearly 1.4 billion USD loan agreement has the guarantee of Chinese export credit agency Sinosure.

 

A binding construction contract with Guangdong Power will be concluded after electricity tariff agreement is reached with the government of Jordan and financing activities are completed, According to current forecasts, that can take around a year.

 

Enefit Jordan BV has two subsidiaries: Attarat Power Company and Jordan Oil Shale Energy Company. 65% of Enefit Jordan BV that develops the power station belongs to Eesti Eergia.

 

Eesti Energia’s strategic partner in the development project is one of Asia’s leading energy companies, YTL Power International Berhad (YTLPI), with a 30% stake. A 5% stake in the project is held by Enefit’s Jordanian partner, Near East Investment Limited.

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