IFC considers financing 485 MW Hussein Thermal Power Station

The International Finance Corporation (IFC), a member of the World Bank, is mulling providing project financing for the 485 MW Hussein Thermal Power Station in Jordan.

The project consists of the design, construction, ownership and operation of a 485MW combined cycle gas fired power plant located in the Zarqa Industrial Zone, the Hashemite Kingdom of Jordan. It will replace one of the oldest and most inefficient power plants in Jordan (which is currently being decommissioned).

The proposed project is expected to cost about US$475 million and will be financed by 75:25 debt to equity. The proposed IFC investment consists of an A-loan of up to US$75 million. IFC will also help to mobilize up to US$200 million of debt.

The Project is being developed by ACWA Power, through its investment holding company Red Sea Energy. ACWA Power has engaged discussions for Kingdom Electricity Company (KEC) to join as a 33% shareholder in the project company on or close to financial closing.

Shandong Electric Power Construction Corporation III (SEPCO III) will be the EPC contractor for the project, while the O&M will be undertaken by Central Electricity Generating Company (CEGCO) of Jordan.