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Kepco receives Jordan assets bids

30 September 2024

 

South Korea’s Korea Electric Power Corporation (Kepco) is understood to have received non-binding bids on 30 September for the sale of its shares in two power plants in Jordan.

Kepco plans to divest a 40% stake and shareholder loans in the 89MW Fujeij wind power plant, in which it has a 100% direct investment.

It also intends to divest 36.25% of the 80% stake and shareholder loans it maintains in Jordan's 373MW Qatrana gas-fired combined cycle power plant (CCPP).

Kepco appointed KPMG Korea as its sell-side adviser for the transaction, which offered options for individual sales or a package deal for the two power plants.

“This move aligns with Kepco’s commitment to restructure its overseas assets to optimise its global business portfolio and move forward with energy transition, developing low-carbon and eco-friendly new businesses, such as hydrogen and ammonia, renewable energy and grid,” the firm said in February when it announced the sale plan.

The Fujeij wind and Qatrana CCPP plants became operational in 2019 and 2011, and have delivered earnings before interest, taxes, depreciation and amortisation margins of 85% and 70%, respectively.

The Fujeij wind and Qatrana CCPP projects are backed by 20- and 25-year power-purchase agreements with Jordan’s National Electric Power Company (Nepco), “ensuring a steady revenue stream until 2039 and 2035, respectively”.

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Jennifer Aguinaldo

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