FRV secures over USD 100m in financing for solar project in Jordan
Solar park. Source: Fotowatio (http://www.frv.com). All Rights Reserved.
Fotowatio Renewable Ventures (FRV) has secured over USD 100 million (EUR 89m) in financing for the development of a 50-MW solar photovoltaic (PV) project in the city of Mafraq, northern Jordan.
The International Finance Corporation (IFC) said on Sunday it has arranged a USD-76-million financing package for the project, including USD 21 million from the IFC-Canada Climate Change Program.
In addition, IFC has mobilised financing of USD 12 million from Dutch development bank FMO, USD 8 million from Europe Arab Bank (EAB), and USD 5 million from Finnish development financier FinnFund. At the same time, the IFC-Canada Climate Change Program is also providing a USD-2.4-million C-loan.
The Mafraq solar park is expected to be completed in 2018. It is the first PV plant to be funded out of the four planned under the country’s second round of solar PV projects, IFC said. The solar park will be selling its output at USD 0.069per kWh, which is far below Jordan’s average cost of electricity.