Qatar Electricity and Water Company Completes Acquisition of Stake in Jordan power Plant

Doha, March 19 (QNA) - Qatar Electricity and Water Co QSC (QEWC) has announced that it has completed its acquisition of the Islamic Development Bank Infrastructure Fund LP shares in AES Oasis Ltd (38.891%) where AES Oases owns a 60% stake in AES Jordan Holdco Ltd, which owns the entire issued share capital of AES Jordan P.S.C., owner of the independent power plant located in Amman East and t=with an installed capacity of 370 MW. QEWC had signed in February 2012 a share Purchase Agreement with IDB Fund for its Shares in AES Oasis. Speaking on the occasion, QEWC's General Manager Fahad Hamad Al Mohannadi said, "this acquisition is important for QEWC as it marks the first of a series of acquisitions that QEWC plates to complete in the next few years in its plans to expand its operations regionally and internationally in continuation with QEWC's commitment to expand its operations outside of Qatar in a measured and conservative manner whilst sticking to its core areas of expertise and business under4 the wise leadership of HE Abdulla Bin Hamad Al Attiyah chairman or QEWC. Commenting of the deal, Khalid Jolo, Business Development Manager at QEWC said, 'the completion of this deal comes culmination of the hard work and efforts the company has exerted in its pursuit for expansion into the regional and international power markets and implementing the vision of the Board of directors for developing investment in the power market outside the Qatari Market. It is worthy to mention that QEWC was established in 1990 as a Qatari joint stock company in which the Government of the State of Qatar owns a major shareholding. QEWC is one of the major companies in the State of Qatar and the Arabian Gulf region which owns and operates a large portfolio of power generation and water desalination station in the State of Qatar. QEWS is one of the largest power and desalination companies (by volume of shares) not only in it home country, but also in the entire Arabian Gulf Region. In the past 20 years, QEWC has continued to expend its activities and production through fully owned and exclusively managed plants such as Ras Abu Fontas complex, Al Saliyah, Ras Laffan A. Doha South And Dukhan stations and through jointly owned and managed plants such as Ras LaffanB, Mesaieed, and Ras Laffan C.(QNA)