Saudi's ACWA ups stake in Jordan's state utility

Saudi-based ACWA Power International, an investor in utilities, said on Sunday it has increased its stake in Jordan’s Central Electricity Generating Company. ACWA Power bought a 25 percent share in Enara Energy Investments, which owns 51 percent of CEGCO, from Malakoff Corp of Malaysia, the Riyadh-based company said in a statement. The purchase will bring ACWA Power’s stake in Enara to 90 percent, according to the statement. CEGCO is the largest power generator in Jordan, with seven power generation complexes nationwide totalling about 1700MW of installed power capacity. Paddy Padmanathan, president and CEO of ACWA Power, said the company was committed to strengthening the power sector of Jordan and increasing its involvement. The company's prime objective, he said, is to remain focused on reducing the cost of producing power and desalinated water. In July 2011, ACWA Power acquired a 65 percent stake in ENARA from Jordan Dubai Capital, in partnership with International Finance Corporation. CEGCO is owned 40 percent by the Government of Jordan, nine percent by the Social Security Corporation and 51 percent by ENARA.