Jordan Secures US$76 Million Loan For Solar Project
The International Finance Corporation, a member of World Bank Group, has announced plans to finance Jordan’s US$76 million solar project in collaboration with the Canadian government.
The International Finance Corporation (IFC) has arranged a US$76 million financing package for the project, including US$21 million from the IFC-Canada Climate Change Program.
In addition, the financing package also includes the support of US$12 million from Dutch development bank FMO, US$8 million from Europe Arab Bank (EAB), US$5 million from Finnish development financier FinnFund, and a US$2.4 million C-loan from the IFC-Canada Climate Change Program.
The 50 MW solar plant will be located in the city of Mafraq in the northern part of Jordan to be developed by US-based EPC contractor Fotowatio Renewables Ventures (FRV), which is part of Saudi Arabia’s Abdul Latif Jameel Energy (ALJ) group.
The power generated from the 50 MW plant will be supplied at a tariff of US 6.9 cents per kilowatt hour, which is considered to be below the average cost of electricity in Jordan and one of the cheapest solar power tariffs available globally.
The Mafraq solar park is expected to be commissioned by 2018. It is the first solar PV plant to secure funding out of the four successful bidders from the Jordan government’s latest solar auction program.
Of late, Jordan has become one of the more rapidly growing renewable energy markets in the Middle East and North Africa (MENA) region. The Ministry of Energy and Mineral Resources is expected to launch yet another renewable energy tender to allocate up to 700 MW soon.
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