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PV Magazine: Financing for 51 MW PV Plant in Jordan Secured

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EBRD extending loan to finance 51 MW solar PV plant in Jordan

Post originally published by PV Magazine

The European Bank for Reconstruction and Development (EBRD) has announced this week that is extending a $65 million loan to finance a 51 MW solar PV plant in Jordan. The loan is split equally between the EBRD and the Dutch development bank (FMO).

The 51 MW project is located in the Al-Safawi area, Northern Jordan, and is the fourth of the second solar tender that Jordan ran in 2015. All four projects of this tender are about 50 MW each.

Jordan’s first solar tender had also auctioned 200 MW of PV capacity, dispersed among 12 projects that are fully operational today.

A third solar PV tender was initiated by Jordan’s Government in December 2016 also concerning another 200 MW of capacity and the applications are still under review.

The 51 MW project funded by the EBRD and the FMO is developed by Al-Safawi for Green Energy PSC, a Jordanian company that is 70% owned by Spain’s Fotowatio Renewable Ventures and 30% by Jordans’ Arabia Trading and Consulting Company.

Mohanned Khalifeh, CEO of the Arabia Trading and Consulting Group, said that “as the only local developer to be successfully involved in this second round of the solar programme, we endeavour to amplify our commitment through the capacity building of local Jordanian talent across all project phases.”

All four projects of the second solar tender are now under construction.