Lending trio to finance Acwa’s Risha PV
The European Bank for Reconstruction and Development (EBRD) is mulling to provide a financing package of around US$27.6 million to finance the development and construction of a solar photovoltaic plant located in the Risha region, Jordan.
The borrower will ultimately be 100% owned by by International Company for Water and Power Projects (ACWA Power).
The total project cost is estimated at US$69 million. The rest of the financing requirements will come from the German Development Bank (DEG) and Arab Bank.
The project involves a 61.3 MW solar farm located 300 km north east of Amman. When it reaches completion targeted for Q1 2019, the plant will save c. 79.000 tons of CO2and will power 12,000 households.
As we reported in January, ACWA Power agreed with the Government of Jordan to develop, finance, construct, own and operate. ACWA Power submitted a record-low tariff of JOD0.042 (US$0.059) per kWh, the lowest tariff for solar energy ever presented for a Jordan-based project
The project will sustain the momentum of the Jordanian renewable energy sector, demonstrating how private sector capital and expertise can be mobilized to yield competitively low tariffs.
