FRV starts construction of Mafraq solar plants in Jordan

Solar park. Source: Fotowatio (http://www.frv.com). All Rights Reserved.

May 30 (Renewables Now) - Spanish solar developer Fotowatio Renewable Ventures (FRV) has commenced construction of the Mafraq I and II solar power plants in Jordan that will have a combined capacity in direct current (DC) of 133.4 MW.

The construction process is seen to create 500 jobs. The two plants should begin operations in June 2018, selling their generated electricity at USD 0.069 and USD 0.076 per kWh, respectively.

“The fact is that electricity in Jordan will now be generated at low cost – less than the current average price of electricity in the country - and nearly 80,000 homes will be powered with clean energy,” Roberto de Diego Arozamena, CEO of FRV owner Abdul Latif Jameel Energy, said in a statement on Monday.

The company reached financial close for the two projects in March. It said at the time it expects to invest a total of USD 180 million (EUR 162m) in the two projects, with the International Finance Corporation (IFC) providing a financing package for the first one. The European Bank for Reconstruction and Development (EBRD) and the Society for the Promotion and Participation for Economic Cooperation (PROPARCO) supported the Mafraq II project.

(USD 1.0 = EUR 0.898)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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