(MENAFN - The Peninsula) By Lani Rose R Dizon I The Peninsula
Nebras Power, the foreign investment arm of Qatar Electricity & Water Company (QEWC), is eyeing new foreign markets as it seeks to expand in the international footprint.
Talking to The Peninsula on the sidelines of the inauguration of the Umm Al Houl Power project, Nebras Power CEO Khalid Mohammed Jolo, said the company is currently in the middle of negotiations and seeks new investments within the whole of South East Asian market, as well as in Latin America, Africa, and Europe.
'We are always looking for increasing our portfolio in the international market. And we are looking for expanding our portfolio in terms of geography and with regards to the technology that we use and the number of megawatts that we have. In the very near future, we do have an investment that we are considering in North Africa, Latin America, Australia, and Jordan; and basically we hope that in very short period we can announce successful deals in those countries, Jolo added.
He also said the projects will be related to different types of technology including renewable, wind, solar, and conventional projects.
Jolo added, 'QEWC relies heavily in Nebras Power to expand in the international market. And we hope to achieve our business plan in the required time, and achieve the goal that has been set by our shareholders. Today, we're having four projects in Jordan, one in Indonesia, and another in Oman, and we have a portfolio of our plants in Netherlands. Also, we have around 1.2gigawatts of niche power and we are trying to add at least 1gigawatt this year.
Nebras Power which has been constructing and acquiring power stations, uses different types of fuels in its plants, including normal (gas and diesel), and renewable energy (solar energy).
The AM Solar Project in Jordan, Nebras's fourth project in the country, aims to establish a power plant in Jordan with photoelectric solar power with a capacity of 40MW. Nebras's share in the project is 24 percent. The commercial operation of the project is expected to start in June.
Also, construction for the Sumbagot Power Project in Indonesia is expected to commence in the second quarter of 2019, and is expected to be completed in the third quarter of 2021.
The Ibri project in Oman is still on-going; with an investment of $21.5m and with a 25 percent share for Nebras Power, 35 percent for Marubeni, and 30 percent for Oman Gas, and 10 percent for Bahwan Renewable Energy.
More recently, Nebras, through its subsidiary Energy Investment Management in the Netherlands, has also acquired a 75 percent stake in Zain Holding, a leading developer and operator of solar power generation projects in the country. The acquisition allowed Nebras access to the attractive and rapidly growing Dutch renewable energy market. Zain currently has a total of 96MW of solar power under construction and plans to grow further in the future.