First Solar divests stake in 52.5-MW PV plant in Jordan

Aug 5, 2014 - US major First Solar Inc (NASDAQ:FSLR) said Monday it has sold its stake in a 52.5-MW photovoltaic (PV) project in the Hashemite Kingdom of Jordan as part of its commitment to attract foreign investment to the country.

The stake was purchased by a consortium including a unit of the Mitsubishi Corporation, a subsidiary of the Qatar Electricity & Water Company and Jordan's Kawar Group, the co-developer of the scheme. The terms of the sale were not disclosed.

The company has also entered into an agreement under which it will serve as the engineering, procurement and construction services (EPC) contractor for the project. It will also take on the operations and maintenance of the facility.

The PV plant has a secured 20-year power purchase agreement (PPA) with the National Electric Power Company (NEPCO) and is part of the Ma'an Development Area (MDA) initiative in southern Jordan.

The Shams Ma'an solar farm, to be one of the biggest of its kind in Jordan, will generate about 160 GWh each year, equal to 1% of the country’s energy output. This will be enough to power more than 35,000 local households and offset 90,000 tonnes of carbon dioxide (CO2) emissions, the developers have estimated. Construction is to kick off early in 2015 and conclude in 2016.

First Solar has previously delivered another utility-scale solar project in the Middle East. The 3-MW first phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai was hooked to the grid in October 2013.

The Arizona-based company was the top player on the global non-residential PV parks segment in 2013 after installing 1.1 GW of capacity, market researcher IHS (NYSE:IHS) said earlier this year.

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