15.5 MW solar photovoltaic project in Jordan reaches financial closure

Dubai, United Arab Emirates, Adenium Energy Capital, Ltd. has announce that its 15.6 MW Solar Photovoltaic Power Project in Rashadeya, Hashemite Kingdom of Jordan in cooperation and partnership with Lafarge Cement Jordan, has reached financial closure on 29 November 2018. Adenium acted as the sole sponsor for this transaction, while Arab Bank PLC acted as the sole lender. 

The power plant will supply electricity to Lafarge Cement Jordan's (LCJ) cement factory in Rashadeya on a take-or-pay basis under a corporate Energy Savings Contract for a minimum term of 15 years. The Project also features a net-metering component, whereby any electricity not directly used by the cement factory will be injected into the national grid by the offtaker. The commercial operation date for the Project is expected to be in Q2 2019. 

This is a landmark project for Adenium and a first of its kind in the Middle East. It heralds a great step forward in terms of reliance on alternative energy in the production of cement whilst minimizing its ecological footprint by lowering carbon emissions. The Project has received the support of the Jordanian Ministry of Energy and Mineral Resources in keeping with Jordan's strategic goal of reducing dependency on imported fossil fuels by adding renewable generation capacity.