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ÅF to provide advisor services to Jordan

ÅF has signed an agreement for Lenders’ Technical Advisor Services for development of a greenfield oil shale fired mine mouth power plant and adjacent mine in Jordan.
This is the first Lenders’ Technical Advisor Services agreement for ÅF in power plant projects.
Our client Attarat Power Company (APCO), together with its sponsors, Enefit (Estonia), YTL (Malaysia) and Near East Investments (Jordan) are at an advanced stage of development of a greenfield oil shale fired 554 MW/470 MW mine mouth power plant, and adjacent mine in the Hashemite Kingdom of Jordan.
ÅF in Finland was awarded an agreement for the Lenders’ Technical Advisor services. The signed agreement covers the first two phases of the project; i) Phase 1 – due diligence prior to Financial Close and, ii) Phase 2 – Implementation. In addition, there is an option for Phase 3 – Operation. ÅF’s agreement comprises approximately USD 800.000 which is likely to rise over USD 1000.000 with envisaged additional works.
ÅF in Estonia with its vast experience in oil shale burning and related environmental concerns works together with the colleagues in Finland in this project.
Jordan currently relies on imported gas and oil for approximately 96% of its power generation (3,000 MW). The power consumption is projected to increase at about 6.3% per annum through to 2030. The project will be Jordan’s first conventional solid fuel power station utilizing indigenous fuel, providing significant benefits in base tariff as well as non-oil linked escalation.

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