The award was conferred upon JEC during a ceremony in London in March 2004, in recognition of the company’s financing of the Saudi Petrochemical Company (SADAF) co-generation project, which is the first private independent power plant in Saudi Arabia.
The SADAF project is structured under a Build Operate Transfer (BOT) model, and the project will provide 250 Megawatts of electricity and 510 tons per hour of steam co-generation power from its site in Jubail Industrial City in the Eastern Province of Saudi Arabia. The project is expected to start up in the first quarter of 2005
JEC is 75% owned by National Power Company (NPC), of which Zamil Group owns 50% and Alsaif Group owns 50%.
“This award adds to the successful accomplishments of the SADAF project as the first IPP project in Saudi Arabia to reach a financial close. I would like to take this opportunity and thank everyone who has contributed to the success of this project,” said Fahad A. Al Zamil, Managing Director of Zamil Group on receiving the award.
Project Finance’s Deal of the Year annual award is open to deals from different sectors including oil and gas, power/ renewable, transport and water in Europe, the Middle East, Africa, Asia-Pacific and the Americas. All submitted projects must have reached financial close or be due to close by the end of the year.
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