Nebras Power QSC (Nebras) has announced that it has entered into an agreement to acquire 40% of The AES Corporation’s (AES) interest in IPP4 Al-Manakhir power plant in Jordan. AES owns a 60% interest in the project through its wholly-owned subsidiaries. Mitsui & Co. Ltd of Japan owns the remaining 40% stake. Pursuant to the agreement, Nebras will own a 24% effective interest in the project, which has a capacity of 241 MW. The transaction is expected to be completed in April 2015.

The IPP4 Al-Manakhir plant is located in Al-Manakhir, which is 15 km east of Amman and started commercial operations in July 2014. The plant has 16 units supplied by Wartsila who was the EPC contractor. The units are tri-fuel and work on natural gas, heavy oil and diesel. The plant will provide additional generation to cope with the increasing peak demand for electricity in Jordan.

Speaking on the occasion, Nebras’ Chairman, Mr. Fahad Hamad Al-Mohannadi said, “This step is in line with the vision of the Board of Directors to make Nebras Power a strong international company, and we are continuing with our international partners the development and investments in power generation and water desalination projects regionally and globally." Mr. Al-Mohannadi concluded by thanking the working teams’ members for their efforts and cooperation that lead to the completion of the deal.

Commenting on the deal, Mr. Khalid Mohammed Jolo, CEO of Nebras said, "Nebras Power started its investment activities in 2014, and after our first investment in the Shams Ma'an project, we are proud to complete the investment in our second project in Jordan in less than one year. This indicates the importance of the Jordanian market for us. We are proud to have our second investment in Jordan. The company continues its commitment to expand its investments with balanced steps and sticking to core business and expertise. This step is in line with the company’s long-term strategy to expand and strengthen its international presence and expertise. This project is compatible with our goals for development of infrastructure projects that support the development and economic growth through making available part of the electricity demands needed in the country.”

ABOUT THE AES CORPORATION

The AES Corporation (NYSE:AES) is a Fortune 200 global power company. We provide affordable, sustainable energy to 18 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce of 18,500 people is committed to operational excellence and meeting the world’s changing power needs. Our 2014 revenues were $17 billion and we own and manage $39 billion in total assets. To learn more, please visit www.aes.com. Follow AES on Twitter @TheAESCorp.