ACWA boosts stake in CEGCO

ACWA boosts stake in CEGCO

Published: April 2, 2012

Saudi power group increases its holding in the largest power generator in Jordan.

Saudi Arabia’s ACWA Power International has increased its shareholding in the Central Electricity Generating Company (CEGCO), Jordan’s largest power generator, by striking a deal with one of its shareholders.

ACWA Power has acquired a 25% stake that Malaysia’s Malakoff Corporation owns in ENARA Energy Investment, which in turn holds 51% of CEGCO.

This agreement follows a July 2011 deal in which ACWA Power acquired a 65% stake in ENARA from Jordan Dubai Capital in partnership with the International Finance Corporation. After this deal, ACWA Power and its affiliates will own a 90% controlling stake in ENARA, while Athens-based Consolidated Contractors Company will have 10%.

CEGCO owns seven power generation complexes in Jordan totalling some 1700MW of installed power capacity.