OREANDA-NEWS. December 19, 2012. Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President & CEO: Masami Iijima) and AES Corporation ("AES"), one of the largest power companies in the United States, through a jointly established project company, entered into a 25-year Power Purchase Agreement ("PPA") with National Electric Power Company ("NEPCO") of the Hashimite Kingdom of Jordan on December 17, 2012. The total project cost is approximately USD 350 million and the project company is indirectly owned 40% by Mitsui and 60% by AES.

This is the 4th IPP project in Jordan, involving the construction and operation of a 240MW tri fuel fired diesel engine power plant located at Al Manakher, 25km east of the capital city of Jordan, Amman. The project company will supply electric power to NEPCO for 25 years from the start of commercial operation, planned to occur in July 2014, in order to meet the growing power demand in Jordan. This is the second IPP project for Mitsui in Jordan, as Mitsui and AES were awarded the first IPP project in Jordan in February 2006 and are operating and maintaining it since July 2008.

In addition to the PPA, Mitsui and AES also entered into financing agreements with Overseas Private Investment Corporation ("OPIC", US governmental financial institution) and European Bank for Reconstruction and Development ("EBRD") on December 17, 2012.

Mitsui has a substantial track record and abundant expertise in power and water projects globally including the Middle East, and Mitsui's total net generation capacity of IPP assets will reach 5,860MW including projects under development and construction. Mitsui will continue to seek participation in further projects, including large scale IPP/IWPP projects in the Middle East region.