Proparco, EBRD and DEG to finance solar project in Jordan

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
Proparco, EBRD and DEG to finance solar project in Jordan

The EBRD is considering providing a senior secured loan of up to US$68 million to Green Watts Renewable Energy LLC to finance the construction of an 82 MW wind farm in Jordan near the village of Al Rajef in the Ma'an Governorate, approximately 200 km south of Amman.

The project will sell all its power under a long-term power purchase agreement (PPA) to the Jordanian National Electricity Power Company.

EBRD would provide up to US$67.7 million, which is half the total debt required. The remaining debt would be provided on a parallel basis by Proparco and DEG. The total project cost reaches US$180.4 million.

In late March we reported that the European Bank for Reconstruction and Development (EBRD), Société de Promotion et de Participation pour la Coopération Economique SA (Proparco) and other potential lenders were considering entering into a financing agreement with Green Watts Renewable Energy LLC, to finance the construction, commissioning and operation of the wind farm.

The Al Rajef wind farm in Amman, Jordan, involves the installation of 41 Gamesa G114 2.0 MW wind turbine generators and will be constructed under a full scope engineering, procurement and construction (EPC) contract with the turbine supplier.

The project is at an advanced stage of permitting. The power purchase agreement was signed with the state-owned transmission company, NEPCO, in October 2015. The project will connect to the existing NEPCO grid via a newly installed 19 kilometers 132 kV overhead line.

Share this news