EBRD and FMO to finance a 51-MW solar project in Jordan

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
EBRD and FMO to finance a 51-MW solar project in Jordan

The European Bank for Reconstruction and Development (EBRD)  has agreed to provide a total of US$70 million to finance the construction of an up to 51-MW solar park in Jordan. 

The Borrower will be a special purpose vehicle, Al-Safawi for Green Energy PSC, incorporated in Jordan for the sole purpose of developing, constructing and operating the Project. The Borrower will be 70% owned by Abdul Latif Jameel Group (ALJ), through its holding of Fotowatio Renewable Ventures (FRV), and 30% owned by Arabia Trading & Consulting Company LTD (ATC).

The financing involves US$70 million senior secured loan split equally between an EBRD  and the Development Finance Company (FMO).

The photovoltaic plant will be located in Safawi Area, 150 km east of Amman, Jordan. The total cost of the project is estimated at US$93.3 million.

The project will support the country's goals of increasing renewable energy capacity, reducing reliance on costly hydrocarbon imports and meeting rapidly growing electricity demand.

List of country news

Country news

  • May 02, 2017

    Jordan launches RFEOI for waste-to-energy plant

    The government of Jordan has launched a request for expression of interest (RFEOI) to develop a waste-to-energy (WtE) plant in the vicinity of the Al Ekaider landfill.

    Read more
  • April 27, 2017

    Jordan invites EOIs for waste-to-energy project

    Ministry of Energy and Mineral Resources of Jordan (MEMR) has issued a Request for Expression of Interest (RFEOI) seeking interested developers to carry out a waste-to-energy project in Irbid Governorate on build, own, operate and transfer basis.

    Read more
  • March 31, 2017

    FRV reaches financial close for two solar PV projects in Jordan

    FRV has announced the financial close of two of the four projects awarded in the second round of Jordan’s solar independent power producer (IPP) tender.

    Read more
  • July 08, 2014

    Financial close for the USD 2.1 billion Oil Shale Power Project in Jordan

    Attarat Power Company announced that it has reached financial close for the project to construct the first oil shale fired power station and open cast mine in Jordan.

    Read more
  • February 09, 2017

    IFC and MIGA back 485 MW Power Plant In Jordan

    IFC and MIGA, members of the World Bank Group, are backing the design, construction, ownership and operation of a the 485 MW Zarqa gas-fired power plant in Jordan. Once operational, the plant will generate power at about a third of the current average cost in Jordan. 

    Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.