Chinese financing for shale oil-gas fired power plant in Jordan
A consortium led by Enefit, the Estonian shale oil developer and the largest in the world, will build a 470MW oil shale-fueled power plant in Attarat um Ghudran, Jordan.
The independent power project (IPP) investment is estimated at US$2.4 billion. The new plant will be founded by China through a US$1.4 billion loan extended by the Bank of China, Industrial and Commercial Bank of China with support from China Export & Credit Insurance.
International law firm Trowers & Hamlins advised Jordanian public shareholding company National Electric Power Company (NEPCO) on its joint project with Attarat Power Company (APCO) to develop and operate the IPP project in Jordan.
APCO is the special purpose company owned by Enefit, YTL Power International and Near East Investments Limited, together with NEPCO.The project, once completed, will represent about 15% of Jordan’s electricity capacity of 3,200MW. The new facility will be the first of its kind in the country.
On 12 June 2013, Enefit announced it has received approval from the Ministry of Environment to proceed with its oil shale fired power plant. The government also set an agreement with Enefit to pay between JOD0.0 78 (US$0.11) and JOD0.099 (US$0.14) per KWh for the power plant’s output.APCO appointed the Chinese Guangdong Power Engineering Power Corporation as the engineering, procurement and construction contractor in April this year. The firm beat out competition from several international companies including Alstom & Daewoo, Hyundai & LG International, Samsung Engineering, Posco & Daewoo International and China Machinery Engineering Corporation.
The power plant is scheduled to start generating electricity by the end of 2017.
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