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Description

Attarat Power Company (APCO) is constructing a 2 x 277 MW (gross) oil shale-fired power station and open cast mine located in Jordan. With an investment of c. USD 2.1 billion, it will be the first oil shale power station in Jordan and will have the largest open cast mine in the Kingdom. The project is the first to commercially utilise Jordan's abundant oil shale reserves and will significantly reduce Jordan's reliance on imported oil and gas. With an investment value of USD2.1 billion, the Project is the largest private sector infrastructure project in Jordan to-date and is expected to meet 10 – 15% of Jordan's annual power demand. The Project is also the first oil shale fired mine mouth power station in the world funded by limited recourse project financing. The USD1.6 billion project financing benefits from export credit insurance provided by China Export & Credit Insurance Corporation (Sinosure). The debt facility is wholly provided by Chinese banks, with Industrial and Commercial Bank of China and Bank of China as mandated lead arrangers. China Construction Bank and Export-Import Bank of China also participated in the debt facility. This is the largest Chinese project financing for a private infrastructure project outside China supported by Sinosure to-date and conforms to China's "One Belt One Road Initiative" launched by President Xi. APCO has entered into a 30-year Power Purchase Agreement with National Electric Power Corporation (NEPCO), the Jordanian national utility and Single Buyer for the sale of the entire electric capacity and net electrical output following the construction of the power plant. AMCO is responsible for Mining Activities including mine design, overburden removal, oil shale extraction & transport and ash disposal, APCO Also entered into a long-term operating and maintenance contract with OMCO for the provision of day-to-day operations of the Power Plant.