Solar PV plant. Featured Image: Gilles Paire/Shutterstock.com
The European Bank for Reconstruction and Development (EBRD) is considering lending up to USD 27.6 million (EUR 23.5m) to finance the development and construction of an up to 50-MW solar plant in Jordan.
According to Project Summary Documents (PSDs) available on EBRD’s website, the bank is reviewing whether to provide a senior secured limited recourse loan to the Risha solar photovoltaic (PV) project developed by Saudi Arabia-based ACWA Power. The total project cost is estimated at USD 69 million and the sum not covered by the EBRD loan will be provided by the German Development Bank (DEG) and Arab Bank.
A special purpose vehicle owned by ACWA Power plans to build the solar park on government-owned land in the military zone 4 km from the Iraq border, next to the existing 150-MW Risha gas turbine power plant. The solar project has already secured an environmental permit.
The scheme is expected to contribute to achieving Jordan’s target of meeting 10% of its power demand with renewables by 2020.