Mitsubishi Corporation announces Shams Ma'an involvement
Mitsubishi Corporation (MC)has announced its participation in the largest solar photovoltaic project in Jordan, Shams Ma'an. The project will be operated by three companies: MC's 100% subsidiary Diamond Generating Europe, Ltd., (DGE), Qatar-based Nebras Power Q.S.C. (Nebras), a subsidiary of Qatar Electricity & Water Company Q.S.C. (QEWC) and Kawar Group (Kawar) from Jordan the Shams Ma'an lead developer. Equity share will be DGE 35%, Nebras 35% and Kawar 30%. Operations are scheduled to start in early 2016.
Facing an increase in electricity demand of 7% per annum due to steady economic growth, the Government of Jordan has decided to promote the privatization of electric power in order to enhance generation capacity. A renewable energy law, enacted in 2012, also targets developing approximately 1,600 MW of renewable energy by 2020.
This project, with a capacity of 52.5 MW, will be located at Ma'an Development Area (MDA) in the southern part of Jordan, and a long-term Power Purchase Agreement has already been signed by the National Electric Power Company (NEPCO) for the entire output of the plant from 2016.
In 2011, MC donated a solar energy facility to supply electricity to Petra, UNESCO World Heritage site in Jordan, and in 2012, participated in a 600 MW reciprocating engine technology power plant project near Amman. The latter project is slated to start operations by the end of 2014.
MC will continue to seek out opportunities that contribute to the stable supply of electricity and clean energy development in Jordan. Developing projects in the power generation business is also consistent with the targets set out in MC's latest mid-term corporate strategy; that of doubling net profit from non-resource businesses by 2020.
