Three development banks intend to finance three 50 MW solar photovoltaic projects under Jordan’s second round of renewables.

A Fourth project, owned by Saudi Oger, is progressing more slowly and may seek different sources of finance.

The European Bank for Reconstruction & Development (EBRD), the Washington-based International Finance Corporation and French development agency Proparco intend to finance Jordan’s round-two 50 MW solar PV projects.
Meed reports that EBRD plans to lend $39m of project finance towards the $105m Empire Solar Power scheme in Mafraq. It is owned by Saudi Arabia’s Abdul Latif Jameel (ALJ) Energy. Proparco will also lend on the project.

EBRD will also lend $26m to Saudi Arabia’s Acwa Power Sunrise al-Mafraq PV solar project, along with other, unspecified lenders. The total project cost is estimated at $70m.

The IFC will finance the $95m FRV Solar Holdings IX scheme, also in Mafraq and owned by ALJ Energy. It plans to lend $24m directly and mobilise a further $48m, resulting in a debt-to-equity ratio of 76:24.

The Saudi Oger project, located in Safawi, is moving at a slower pace. It may seek finance from different sources.

The developers are aiming to reach financial close in mid-2016.

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