EBRD, partners provide USD-35m package for solar project in Jordan
EBRD's financed solar PV plant in Jordan
August 1 (Renewables Now) – The European Bank for Reconstruction and Development (EBRD), together with partners, is granting up to USD 35 million (EUR 31.7 m) in financing for 37 MWp of solar power plants in Jordan.
EBRD is providing an up to USD-15-million loan to domestic firm Kawar Investment, which is the developer of the three photovoltaic (PV) plants.
The Jordan Kuwait Bank PSC (JKB) is disbursing USD 9 million, while the Arab Jordan Investment Bank LLC is granting USD 6 million. The Climate Investment Funds’ Clean Technology Fund is lending the remaining USD 4.6 million.
The three plants combined represent the largest private-to-private solar project in the country. Their output will be used to cover part of the demand of local telecoms operator Orange Jordan.
Located in the King Hussein Bin Talal Development Area, within both Mafraq governorate and Amman governorate, these facilities are expected to generate around 70 GWh per year, enough to offset some 41,500 tonnes of carbon dioxide (CO2) annually.