Attarat Power secures financing for $2.1bn oil shale power plant in Jordan
Attarat Power Company (APCO) has secured financing from a consortium of Chinese banks for the construction of $2.1bn oil shale fired power station and open cast mine in Jordan.
Planned to be built at the Attarat um Ghudran oil shale deposit, approximately 100km south east of Amman, the 554MW(gross)/470MW net oil shale fired mine mouth power station is scheduled to enter service in mid-2020.
APCO is jointly owned by Malaysia’s YTL Power International with 45% stake, China’s Yudean Group with 45% stake and Enefit with 10% interest.
Featuring two generation units, the project will utilize Jordan's abundant oil shale reserves and is expected to help reduce the country’s dependency on oil and gas imports.
The project, which will receive base shareholder funding of up to $528m, is expected to meet 10-15% of power demand annually in the country.
In 2014, China Energy Engineering Group subsidiary Guangdong Power Engineering was awarded fixed-price engineering, procurement and construction contract by APCO for the mine mouth oil shale fired power plant.
The entire electrical capacity and net electrical output from the facility will be sold to Jordan's National Electric Power (NEPCO) under 30-year agreement signed with APCO.
The power station and oil shale mine are expected create approximately 5,500 jobs during construction phase and 1,000 during operations.
In addition to supplying fuel, the affiliates of the shareholders will provide operation and maintenance services for the power station.
Foster Wheeler will be responsible for providing the circulating fluidised bed boilers for the project while Siemens will supply the steam turbine generators. Worley Parsons will provide the plant design.