Summary of Proposed Investment
Project Number
26760
Company Name
KINGDOM ELECTRICITY COMPANY PSC
Date SPI Disclosed
Apr 10, 2008
Country
Jordan
Industry
Infrastructure
Projected Board Date
May 15, 2008
Status
Completed
Sector
Distribution Business
Department
Regional Industry INF MCT
Environmental Category
B - Limited
Previous Events
Approved : Mar 13, 2009
Signed : Mar 26, 2009
Invested : Apr 17, 2009
Project Description
Following a transparent bid process, Kingdom Electricity Company (KEC), a consortium of investors from the Arabian Gulf countries and Jordan, was selected as the preferred bidder for the acquisition of the Government of Jordan’s (GoJ) stake in the Electricity Distribution Company (EDCO), covering the East and South of Jordan and the Jordan Valley area, and the Irbid District Electricity Company (IDECO), covering the North of Jordan. KEC’s bid valued the acquisition of both companies (100% of EDCO and 55.4% of IDECO) at about $104 million. While there were bids by local and regional investors to acquire IDECO, KEC was the only bidder for EDCO and offered the most attractive proposal overall. KEC is finalizing the transaction and has approached IFC for funding a portion of the acquisition cost, CAPEX and Working Capital with long term debt.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Saad A. Abu-Odeh
Kingdom Electricity Co.
P.O. Box 852101
Telephone: +962 6 5922 900
Fax: +962 6 5922 940
E-mail: saa@jdc.jo
Website: http://www.jdc.jo
Kingdom Electricity Co.
P.O. Box 852101
Telephone: +962 6 5922 900
Fax: +962 6 5922 940
E-mail: saa@jdc.jo
Website: http://www.jdc.jo
For Inquiries and Comments About IFC, Contact
General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster
Local Access of Project Documentation
Relevant project documentation can be accessed at the following locations:
Kingdom Electricity Company
P.O. Box 852101
Telephone: +962 6 5922 900
Fax: +962 6 5922 940
Website: http://www.jdc.jo
EDCO
P.O.Box: 830878 Amman 11183 Jordan
Telephone: +962 6 5335961
Fax: +962 6 5341250
Website: http://www.edco.jo
IDECO (Irbid District Electricity Company)
P.O.Box 46 Irbid 21110 Jordan
Telephone: +962 2 7201500
Fax: +962 2 7410862
Website: http://www.ideco.com.jo
Electricity Regulatory Commission
P.O.Box 1865 Amman 11821 Jordan
Telephone: +962 6 5805000
Website: http://www.erc.gov.jo
Kingdom Electricity Company
P.O. Box 852101
Telephone: +962 6 5922 900
Fax: +962 6 5922 940
Website: http://www.jdc.jo
EDCO
P.O.Box: 830878 Amman 11183 Jordan
Telephone: +962 6 5335961
Fax: +962 6 5341250
Website: http://www.edco.jo
IDECO (Irbid District Electricity Company)
P.O.Box 46 Irbid 21110 Jordan
Telephone: +962 2 7201500
Fax: +962 2 7410862
Website: http://www.ideco.com.jo
Electricity Regulatory Commission
P.O.Box 1865 Amman 11821 Jordan
Telephone: +962 6 5805000
Website: http://www.erc.gov.jo