Eesti Energia still investing in Jordan years after selling majority stake
Even after selling off its majority stake in 2017, Estonian state-owned energy group Eesti Energia has continued to invest millions each year in an oil shale project in Jordan, weekly Eesti Ekspress reported Wednesday.
Currently, negative cash flows from investments in and revenues generated by Attarat Power Plant equal €50 million, Riho Kruuv, head of international strategic projects at Eesti Energia, told the investigative paper (link in Estonian).
According to Kruuv, the company is hoping to recoup these investments and turn a profit within the coming years.
Eesti Energia is likewise waiting for the right time to divest from its remaining 10 percent stake in the project.
"Since 2017, Eesti Energia has invested €72.8 million in the project," Kruuv acknowledged. "The current financial position is €50 million, meaning Eesti Energia has recouped more than €20 million from there. Since May 2023, Eesti Energia has not made any additional investments in the Jordanian power plants. Current financial needs are being covered from the company's own revenues."
The project has been developed by Attarat Power Company (APCO), in which YTL Power International and Guangdong Energy Group Co., Ltd. each hold a 45 percent stake; following the sale of its majority in 2017, Eesti Energia retained a 10-percent stake in the company.
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Editor: Marko Tooming, Aili Vahtla
