Lebanon Businessnews News

Deir Amar plant is looking for funding
The implementation of a long-disputed $500 million plant might finally see light
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The Council of Ministers yesterday commissioned the Ministry of Finance (MoF) to look for funds for the development of a second power plant in Deir Amar.

Several international funds have in the past expressed interest in financing energy projects. Raymond Ghajar, Advisor to the Ministry of Energy and Water, said: “One of the options that we can resort to is Arab funds such as the Arab Fund for Economic and Social Development (AFESD) and the Kuwaiti Fund for Arab Economic Development (KFAED).”

The tender to select a contractor was won two years ago by J&P-Avax, a Greek-Cypriot joint venture. The winning bidder’s offer price for the project was around $472 million. The combined cycle plant is expected to generate 550 MW. “This addition is supposed to raise total power feed by four to five hours per day,” he said.

A previous tender for the same project was won by the joint venture Spanish Abener and local Butec but talks later failed with the Council of Ministers’ representatives.

The first power production plant was established in the early 2000s. It has a generation capacity of 450 MW.
Reported by Yassmine Alieh
Date Posted: May 29, 2015
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