(MENAFN- The Peninsula) By Satish Kanady / The Peninsula
DOHA: Qatar's utility major Qatar Electricity and Water Company (QEWC) has said it was considering its foreign investments as very important asset for the future, as the foreign investments shall constitute the major portion of the company profits through foreign projects in which the company participates through Nebras Power Company, where in QEWC owns 60 percent of the shares.
QEWC's 2017 annual report explains that Nebras Power Company board of directors had agreed on purchasing the shares of Carthage Powers, Rades, Tunisia for $10m, and it is currently negotiating with the liquidator of BTU about the price and the completion of the purchase process.
The aim is to acquire 60 percent of the Carthage plant with a production capacity of 471MW. The consent of the shareholders has been obtained and TAPCO board of directors decided to transfer the ownership of its shares to Nebras Company.
Nebras enjoys 24 percent stake in IPP Solar Project, Jordan. The project aims to establish a Solar power plant in Jordan with a capacity of 40MW.
The power purchase agreement was signed between the Minister of Energy and Mineral Resources of Jordan and the Nebras Power Consortium in April 2017. The shareholders' agreement, the partnership contract and the construction contract were signed with the main contractor during November 2017. The commercial operation of the project is expected to commence in June 2019.
The project is the fourth of the Nebras Power project in Jordan after East Amman, IPP4 Al Manakhar and Shams Ma'an Power Plants and it is Nabras' the second project powered by solar energy, which emphasizes the importance of the company's clean energy projects and its commitments to investments in this sector.
On the refinancing of Paiton Power Project in Indonesia, the QEWC said Nebras Energy and its partners through Minejesa Capital B.V, of which Nebras Energy holds 35.5 percent-managed in August 2017 to achieve a successful financial closure of $2.75bn for multi-source refinancing secured by the project assets and the bonds were listed on the Singapore Stock Exchange.
The financing was invested PT Paiton Energy (Indonesian Electricity Generating Company, of which Nebras indirectly owns 35.5 percent), which it used to repay the loans of the project's financing banks and secondary shareholders loans.
QEWC said this was the first Asian debt bond listed on the international capital markets in nearly 10 years. It is the most prestigious deal to be concluded at competitive prices as one of the largest transactions in the field of project bonds. As a result of the refinancing process Nebras shall recover $600m.
On Nebras' deal with Medan Electrical Power Project in Indonesia, a project that aims to build floating units for the storage and reprocessing of natural gas, supplemented by a power plant with a production capacity of 800MW, QEWC noted that Nebras had signed a project framework agreement with Indonesia's PLN and PJB.
Invitations were also sent to qualified contractors to submit their bids for the project. The commercial operation is expected to start in late 2020.
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