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Eesti Energia's Jordan project has won a prestigious award
Attarat Power Company, where Eesti Energia is a shareholder, became the winner of Project Finance International competition of the best transactions of 2017 in the category of Middle East and African resource transactions. The prize was awarded for the power plant and mine project being established in Jordan.
Eesti Energia board member Margus Vals notes that this is already the second international recognition the project has received during a short period.
"In the end of last year, the power plant project being established to Jordan received a prize in the category of innovation at the event of Asian energetics awards. This is an international project, to the success of which tens and even hundreds of Estonians have contributed thousands of hours. Among them are people working at Eesti Energia, but also experts from our universities and scientific institutions. Another international recognition is actually a message to all of them: we will put Estonia to the map of the world by working together. The Jordan project has undoubtedly achieved that."
The investment of 2.1 billion US dollars for establishing the Jordan oil shale power plant and mine is the largest single investment to oil shale energetics of all time. The power plant based on local fuel will raise Jordan's energy security level, which today depends to the extent of 95% on imported energy.
The power plant with the gross power of 554 MW will be located at Middle Jordan, in Attarat Um Ghudran area. The power plant is accompanied by infrastructure and an oil shale mine with ca 10 m/t annual power. The owners of the oil shale power plant and mine are Malaysian company YTL Power International Berhad and Chinese company Yudean Group with equally 45% and Eesti Energia with 10%. The power station is constructed by the large Chinese enterprise Guangdong Power Corporation. The implementation of the project is being financed by Chinese banks in the volume of ca 1.6 billion US dollars.
The power plant will be completed and will start operating in 2020.
Project Finance International is a leading publication, which assembles news and analysis on the financing transactions of the energy sector and infrastructure, belonging to the Thomson Reuters group. You can read more about the project and PFI awards here.