Attarat Power Company (APCO), a subsidiary of Enefit, has achieved financial closure for the construction of an oil shale fired power station and open cast mine in Jordan.
The move comes after APCO signed agreements with the Bank of China and the Industrial and Commercial Bank of China, last year, for $1.6bn in debt financing.
The 554MW gross/470MW net facility will be located at the Attarat um Ghudran oil shale deposit, about 100 km southeast of Amman [pictured]. The plant will utilise Jordan’s oil shale reserves and is expected to lower the country’s reliance on imported oil products.
In 2014, Guangdong Power Engineering won the engineering, procurement and construction contract for the $2.1bn project. APCO has also signed a 30-year power purchase agreement with Jordan's National Electric Power (NEPCO).
Jason Pok Hooi Loong, APCO CEO designate, said: “Financial Close entails notice to proceed for the construction; APCO is honoured to be entrusted with the realisation of this most strategic investment.”
Construction work is expected to begin soon, with the power station set to be operational in mid-2020.
The project is owned by a consortium of YTL Power International Bhd of Malaysia, Yudean Group of China, and Enefit.