HomeWorld RegionsMiddle EastFinancial close announced for 24 MW Jordanian solar PV plant

Financial close announced for 24 MW Jordanian solar PV plant

US-based solar firm SunEdison has closed financing arrangements for the construction of one of Jordan‘s largest solar photovoltaic (PV) power plants, the company has announced.

Work on the $50m project is scheduled to begin in the fourth quarter of this year, with grid connection expected in late 2015.

Funding will be provided by the European Bank for Reconstruction and Development (EBRD) and the US government’s Overseas Private Investment Corporation (OPIC).

The 23.8 MW power plant is to be located in the Ma’an Governate in the southern part of the country, occupying around 50 ha of land. SunEdison’s solar modules on single-axis trackers are expected to generate 57,000 MWh/year and save 35,000 tonnes in CO2 emissions. The plant will sell its power to Jordan’s National Electric Power Company (NEPCO) under a 20-year power purchase agreement. NEPCO will also build a substation to connect the plant to the grid.

Nandita Parshad, EBRD’s Director for Power and Energy, said: “We are delighted to finance the EBRD’s first renewable project in Jordan. This is a region with a rapidly growing demand for power but also with a large potential for the development of renewables. Jordan in particular is a country where solar energy can make a clean and reliable contribution to meeting rising demand and reducing dependence on expensive hydrocarbons. We are very pleased to cooperate again with OPIC in Jordan and excited to be working for the first time with SunEdison.”