Proparco and EBRD finance solar project in Jordan

Proparco and the EBRD further support renewable energy in Jordan by providing a US$ 71 million loan for the construction of a 67 MWp FRV Empire solar power plant.

Proparco and the European Bank for Reconstruction and Development (EBRD) are continuing their support for the power sector in Jordan by providing parallel loans totaling US$ 71 million to Al Ambaratouria LL Taka Al Shamsia, a Jordanian company majority owned by Fotowatio Renewable Ventures (FRV), for the construction of the 67 MWp FRV Empire solar power project.

The project is one of four projects being developed under Jordan’s second round of its solar program and firmly establishes Jordan as a regional leader in the successful deployment of renewable energy. Not only does the project support the shift towards sustainable, indigenous sources of energy but it will also be one of the very cheapest forms of electricity generation in the Kingdom.

Emmanuelle Matz, Head of Proparco’s Power and Energy, said:

“We are very pleased to pursue our strong commitment to the Jordanian power sector, that we are actively supporting since 2010 and to finance another Round of solar projects in this country alongside EBRD, adding renewable energy to the grid. We are delighted to support FRV’s first solar venture in the country and hope for a long lasting relationship between our companies in emerging and developing countries.”

Nandita Parshad, EBRD Director for Power and Energy, said:

“This project is a major milestone for EBRD. It brings the total installed capacity of projects supported by the Bank in Jordan to more than 500 MWp. We are pleased to continue our successful cooperation with Proparco and are delighted to celebrate start a brand new relationship with FRV on the occasion of its 10th anniversary.”