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.
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