ACWA Power widens control of Jordan's CEGCO with Malakoff's 25% stake 

(MENAFN - Jordan Times) ACWA Power International (ACWA Power), a Saudi firm specialised in developing privately owned and financed power generation and desalinated water production plants, announced Sunday in a press release that it has completed the acquisition of a further shareholding in Jordan's Central Electricity Generating Company (CEGCO) from Malakoff Corporation Bhd (Malakoff) of Malaysia.

"Malakoff owned a 25 per cent stake in ENARA Energy Investment PSC (ENARA), which in turn holds 51 per cent ownership of CEGCO until ACWA Power International acquired this 25 per cent stake in ENARA from Malakoff," the ACWA Power press release said.

CEGCO is the largest power generator in Jordan, with seven power generation complexes nationwide totalling circa 1700 MW of installed power capacity from a mixed portfolio of technology and fuel types meeting around 51 per cent of the country's current market share.

Paddy Padmanathan, president and chief executive officer of ACWA Power indicated in the press statement that ACWA Power is increasing its investment in CEGCO by acquiring the 25 per cent stake in ENARA from Malakoff because the company is committed to strengthening the power sector of Jordan and increasing its involvement.