The transactions reached financial close on May 20, 2015.
Adenium Energy Capital’s four projects, Jordan Solar One, Al Ward Al Joury, Zahrat Al Salam and Al Zanbaq, form part of a wider and innovative US$207.5 million solar project portfolio financing led by the International Finance Corporation and dubbed the “Jordan Seven Sisters Solar Project.”
The Jordan Solar One project is located in the northern region of Mafraq and has a capacity of 20 MW. The Zahrat Al Salam, Al Ward Al Joury and Al Zanbaq projects are located in the southern region of Ma’an, and each has a capacity of 10 MW. Each project company has entered into a 20-year power purchase agreement with Jordan’s national utility, NEPCO.
The projects are being developed pursuant to the first round of Jordan’s direct proposals process for renewable energy, which was launched in May 2011. It is the Middle East’s first independent power program for renewable energy projects.
Chadbourne & Parke LLP has represented Adenium Energy Capital on the financing. The Chadbourne team was led by Dubai-based partner Richard Keenan, who was supported by associates Marc Norman and Helen Qian. The team was also supported by New York-based counsel Monika Szymanski and London-based partner Charez Golvala, senior associate Jan Peter Weiland, associate Henry Andreae and trainee solicitor Matthew Hunt.
“We are delighted to have advised Adenium on these successful transactions. The first round of Jordan’s direct proposal process for renewable energy sets a template for the financing of renewable energy independent power projects in the Middle East region. We are very proud to have contributed towards the success of our client, Adenium, and the wider development of the Middle Eastern solar power sector.”