Abdul Latif Jameel Energy signs 50 MW PPA in Jordan

Abdul Latif Jameel Energy andEnvironmental Services, and its portfolio company Fotowatio Renewable Ventures (FRV), have announced the signing of a Power Purchase Agreement (PPA) for a planned 50 MW solar PV power plant in the Hashemite Kingdom of Jordan. The PPA was signed with the National Electric Power Company (NEPCO), Jordan's regulatory authority for power generation and distribution, and is valid for 20 years. The PPA was signed at Jordanian piasters 4.898(US 6.93 cents) per kilowatt-hour.

In May 2015, Abdul Latif Jameel Energy and Environmental Services' portfolio company FRV was selected by the Jordanian Ministry of Energy and Mineral Resources as preferred bidder to the second round of Jordan's solar independent power producer (IPP) tender, totaling 200 MW. FRV is the first bidder to sign the PPA.

The plant, which will be developed in Mafraq, in the northof the Kingdom, is part of the Jordanian government's plans to generate 10% of its energy from renewable sources by 2020, including 600 MW of installed solar PV. To commence operations in 2017, the power plant represents 1% of Jordan's overall generation capacity and will supply 155 million kilowatt hours (kWh) of electricity per year,sufficient to power over 40,000 average homes in the country.

FRV will use polycrystalline modules in the installation of the plant and will provide operations and maintenance services for the project.

Roberto de Diego Arozamena, Chief Executive Officer, Abdul Latif Jameel Energy and Environmental Services stated:

"This signing signifies an important milestone for our energy business and we are well-positioned to further the growth of Jordan's national energy production and support the government's plans to source 10% of its total power from local resources by 2020. This agreement in Jordan builds on our commitment to developthe renewable energy sector throughout the Middle East North, Africa and Turkey region."

Rafael Benjumea, Chief Executive Officerof FRV, said:

"Our global track record of developing, constructing and delivering large scale solar power projects will ensure that we are able to support Jordan's ambitions. We are committed to contributing to Jordan's social and economic development, and believe that this project will make a strong contribution to building a strong and viable solar industry that will deliver clean energy to Jordanian homes and create new jobs."