Kepco-Led Group Signs Power Accord for $800 Million Jordan Plant

A group led by Korea Electric Power Corp. (KEP) signed a 25-year agreement with Jordan’s National Electric Power Co. to sell electricity from an $800 million diesel-fired plant being built in eastern Amman, the capital of the Middle Eastern country.

The group, which includes Mitsubishi Corp. (8058) and Finland’s Wartsila Development & Financial Services, is building the 600- megawatt power plant that is scheduled to start in February 2014, Tokyo-based Mitsubishi said in a statement today.

Jordan is opening up its electricity market to investors to reduce power shortages and meet annual demand growth of as much as 10 percent. Mitsubishi controls about 4,500 megawatts of generation capacity globally and plans to boost that to 6,000 megawatts by 2015, according to the statement.

To contact the reporter on this story: Yuriy Humber in Tokyo at yhumber@bloomberg.net

To contact the editor responsible for this story: Jason Rogers at jrogers73@bloomberg.net

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