Mafraq: Proposed $900 Million Power Plant

Al-Taj News – The International Finance Corporation (IFC) has revealed a proposed project to finance a new power generation plant in the Al-Khanasri area of Mafraq Governorate, with a generation capacity of up to 700 megawatts and an estimated total cost of approximately $900 million, while the proposed financing from the corporation for the project amounts to $200 million.

According to the International Finance Corporation’s project disclosure report, the corporation has completed its assessment of the proposed project, which has now reached the stage of awaiting final approval, which is expected to be issued soon.

The project involves the development, construction, operation, and maintenance of an independent power generation plant using combined-cycle gas turbines, with a total capacity of 700 megawatts, in the Al-Khanasri area of Mafraq Governorate.

The plant is scheduled to generate electricity under a 25-year power purchase agreement signed with the National Electric Power Company (NEPCO), providing a long-term framework for purchasing the electricity generated by the project.

The proposed total cost of the project is approximately $900 million, to be financed through a combination of debt and equity.

The proposed International Finance Corporation investment includes an A-loan of up to $200 million, supported by blended finance arrangements and financial hedging, along with efforts to provide additional long-term loans for the project.

According to the disclosure report, the corporation will provide long-term financing for the project, given the limited availability of this type of financing in the Jordanian market, in addition to helping mobilize additional long-term financing.