Attarat Power Company financial close for Oil Shale Power Project in Jordan

Attarat Power Company (“APCO”) announced that it has reached financial close for the USD 2.1 billion project to construct the first oil shale fired power station and open cast mine in Jordan. The construction of the 554MW gross/470MW net oil shale fired mine mouth power station will commence shortly and the power station is scheduled to start operation in mid-2020.

With financial close Eesti Energia has completed the sell-down of its previous 65% shareholding in APCO to 10%. Eesti Energia shall receive a combined amount of USD 50.4 million from the sale of shares and as return of the project development costs. APCO is now owned 45% by YTL Power International of Malaysia, 45% by Guangdong Yudean Group Co. Limited of China and 10% by Eesti Energia. The shareholders have committed to provide base shareholder funding of up to USD 528 million to fund the project.

Additionally, APCO is funded with debt on limited recourse project financing basis. The USD 1,582 million 15 year debt financing will be based on export credit insurance provided by China Export & Credit Insurance Corporation (“Sinosure”). The debt facility has been lead arranged by Industrial and Commercial Bank of China (“ICBC”) and Bank of China. China Construction Bank and Export Import Bank of China will also participate in the facility.