Jordan solar plants secure $100m in finance

Three new solar plants are to be constructed in the Kingdom of Jordan after Norway-based Scatec Solar and its business partners received $100m in financing for their development.

The solar power plants, located near Ma'an City in southern Jordan will have a combined capacity of 43 MW and total investment is set to reach $135m when all debt financing is provided from the European Bank for Reconstruction And Development and French Development Agency Société De Promotion Et De Participation Pour La Coopération Economique.
Jordan flag
Completion of the plants is scheduled for the second half of 2015.

Scatec Solar will combine with Jordanian partners Quest Energy Investment, European Jordanian Renewable Energy Projects and Greenland Alternative Energy to deliver the project.

The Norwegian firm will own 70 per cent of the 10 MW Oryx plant and 40 per cent of the two other plants totalling 33 MW in capacity.

The three plants will produce estimated revenues of some $17m a year, according to Scatec.
The National Electric Power Company (Nepco) will buy the electricity produced by the plants under a 20-year power purchase agreement.

Nandita Parshad, the EBRD's director for Power and Energy, said Jordan had outstanding solar energy sources and the bank is committed to developing the country's solar sector and helping it to satisfy its energy supply while also reducing its environmental impact.

Jordan currently imports more than 97 per cent of the energy it consumes, relying disproportionately on natural gas from Egypt and oil from Saudi Arabia.

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