An Estonian-Malaysian consortium has signed a $1.6-billion contract to set up a power plant in southern Jordan, a report said.

The power plant will have a capacity of 470 megawatts (MW), which will be obtained via oil shale, added Jordanian news agency Petra, noting that operations are expected to start in the second half of 2019.

The project would be financed by the Bank of China and the Industrial and Commercial Bank of China and a joint Estonian-Malaysian consortium.

The plant is likely to offer 3,000 employment opportunities.