Hareon Solar Technology has signed a grid-connection deal and a 20-year PPA with the National Electric Power Co (NEPCO) for a 61 MW photovoltaic (PV) solar facility in Jordan.
This announcement comes after we reported, in mid May, that Hareon Swiss Holding, with $7.67 per kWh, won the development rights over the project in a competitive auction organised by the Jordanian Ministry of Energy and Mineral Resources.
The solar plant will be developed by Al Ambaratouria LL Taka Al Shamsia, a subisdiary of Haeron solar.
The total project investment is estimated at US$ 75 million. The project financing is expected to be provided by the European Bank for Reconstruction and Development (EBRD) and International Finance Corporation (IFC).
Construction works are expected to begin by th second half of 2016 and the project is planned to be commissioned in early 2017.
Additionaly, Hareon Solar Technology has recently announced plans to set up a wholly-owned subsidiary in Switzerland to invest in solar PV projects in Jordan. The firm will set up H2 Venture Swiss Holding in Switzerland. Meanwhile Hareon will combine with H2 Venture Swiss Holding to set up another subsidiary named Empire Solar PSC in Amman, to develop, construct and operate PV plants.