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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.

Venture Magazine: ATC Secures Financing for Solar Project, MASE to Operate & Maintain

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ATC Secures Financing for 66.69 MWp Solar PV Project

Post originally published by Venture

Arabia Trading & Consulting (ATC – an Arabia Group company), a leading Jordanian utility-scale solar developer, has announced it has reached financial close for its second solar project in Jordan, further cementing its commitment towards supporting Jordan’s renewable energy ambitions and expanding its investments in IPP solar assets.

Financial close has been achieved on a $65 million loan divided equally between the European Bank for Reconstruction and Development (EBRD) and the Netherlands Development Finance Company (FMO). The loan will be provided to Al Safawi for Green Energy PSC, an SPV representing the consortium of ATC and Fotowatio Renewable Ventures (FRV), to finance the Al Safawi 51 MW (66.69 MWp) Solar PV Plant.

The Al Safawi Solar PV Plant is ATC’s second solar project in Jordan, having previously developed the currently operational Arabia One 11.52 MWp Solar PV Plant in Ma’an as part of Round 1. By achieving this milestone, ATC remains the only developer to be successfully involved in each of Jordan’s renewable energy IPP programs and is the only local developer in Round 2. ATC’s affiliate MASE will be providing turnkey operations and maintenance services to the 66.69 MWp solar plant.

The project will incorporate single-axis tracking technology that will optimize its performance, with more than 200,000 monocrystalline photovoltaic panels that will generate enough electricity to supply more than 40,000 Jordanian homes. The project is expected to generate over 100 jobs during its construction and permanent jobs once the operation is started.

Mohanned Khalifeh, Arabia Group CEO, emphasised the importance of local developers in advancing Jordan’s dynamic shift towards clean and sustainable energy: “The Al-Safawi project further cements ATC’s commitment towards supporting Jordan’s renewable energy ambitions. The project, which was originated by ATC, is our second solar development in Jordan. As the only local developer to be successfully involved in this second round of solar programme, we endeavour to amplify our commitment through the capacity building of local Jordanian talent across all project phases. This project would not have achieved this important milestone without the unwavering support of the relevant public entities including the Ministry of Energy & Mineral Resources (MEMR) and the National Electricity Production Company (NEPCO).”

Harry Boyd-Carpenter, EBRD Director for Power and Energy, said: “This project is the third financed by EBRD under Jordan’s second round of its solar energy program, bringing the total installed capacity of power projects supported by EBRD in Jordan to more than 1,000 MW AC. We are pleased to continue our successful cooperation with FMO and FRV, and delighted to support FRV and ATC in this fruitful collaboration.”

Rafael Benjumea, CEO of FRV highlighted the social impact of the project: “Al Safawi’s project shows once again the commitment of the Jordanian government to implement its energy strategy and meet established renewable targets. With this being our latest project in Jordan, FRV is contributing to Jordan’s sustainable development with the generation of clean and affordable energy in the country.”

 

MASE Awarded O&M Contract for 66.69 MWp Solar PV Project

O&M

MASE to operate and maintain one of region’s largest solar plants 

Amman, Jordan – 18 September 2017:  MASE, a regional solar O&M and Asset Management firm, has signed the contract for the turn-key operations and maintenance of the Al Safawi Solar PV Plant with an installed capacity of 66.69 MWp.  The project, which has recently achieved financial close, is developed by a consortium consisting of Arabia Trading & Consulting (ATC), a leading Jordanian solar developer, and Fotowatio Renewable Ventures (FRV), a leading global utility-scale solar developer.  The project is financed by the European Bank for Reconstruction and Development (EBRD) and the Netherlands Development Finance Company (FMO).

With an installed capacity of 66.69 MWp, the Al Safawi Solar PV Plant will be constructed in Safawi, a region north of Jordan.  The facility will incorporate single-axis tracking technology and more than 200,000 monocrystalline photovoltaic panels.  In addition to its existing bankable operations and maintenance framework, MASE intends to utilize the most progressive technology to perform its activities, including cutting-edge cleaning robots and drone-supported diagnostic equipment.

Tareq Khalifeh, MASE’s Director of Operations, said: “Because of its location and complexity, the addition of the Al Safawi Solar PV Plant capacity to our asset portfolio will greatly enhance the operational diversity of our operations and maintenance activities.  We are also proud to have been vetted and approved by top-rated developers and leading financial institutions such as EBRD and FMO, serving as testament to the bankability and competitiveness of our solar O&M value proposition.  The MASE team is looking forward to operating the Al Safawi Solar PV Plant and working with the local community in Safawi and the surrounding region to enhance the social impact of our forthcoming activities through a tailored training and employment program as part of our MASE Advancing Solar CSR Initiative launched earlier this year.  We also thank the project sponsors for the trust they have placed in our capabilities and their commitment towards involving local companies in the development of Jordan’s solar energy sector.”

With the addition of the Al Safawi Solar PV Plant capacity, MASE’s utility-scale solar assets under management will exceed 80 MWp of project-financed installed capacity.

About MASE

MASE was established by the Arabia Group of Companies, to lead clean energy development in Jordan and the MENA+GCC region.  Specializing in turnkey operation, maintenance and management of retail and utility-scale solar facilities, MASE is an award-winning solar O&M and Asset Management firm.  In total the firm has a portfolio of over 80 MWp of installed or projected plants under asset care.  MASE’s activities have received several awards and recognitions from the Middle East Solar Industries Association (MESIA) and the Intersolar Middle East seminar.

Click here to learn more about MASE’s O&M and asset management value proposition.

Connect with MASE on LinkedIn, Twitter and Facebook or visit www.mase-energy.com.

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