Attarat Power Company Signs Financing Agreements with Bank of China, and Industrial and Commercial Bank of China

Attarat Power Company (APCO) announced that it has signed agreements with Bank of China (BoC) and Industrial and Commercial Bank of China (ICBC) to provide debt funding for the construction of Jordan’s first oil shale fired power plant and the related open cast mine. The USD 1.623 billion debt financing will be provided on the basis of support by China Export & Credit Insurance Corporation (Sinosure).

The sponsors now continue working on a number of conditions precedent before full financial close can be achieved, including securing equity funding for the project. Eesti Energia expects to decrease its shareholding in APCO on financial close.

APCO is indirectly owned by Eesti Energia AS (65%), YTL Power International Bhd of Malaysia (30%) and Near East Investments Limited of Jordan (5%).