EBRD backs SunEdison solar project in Jordan
$25mn loan for 20MW power plant in development near Ma'an.
The European Bank for Reconstruction and Development (EBRD) is providing a $25mn loan for the construction and development of SunEdison’s 20MW solar photovoltaic power plant in Jordan to help address the country’s energy shortages through utilising its world class solar resource.
The new plant, located 13 km south east of the city of Ma'an in southern Jordan, will deliver much-needed generating capacity from a clean, reliable, domestic resource, thereby reducing the country’s dependence on hydrocarbons, the EBRD said in a statement.
Jordan imports over 97% of the energy it consumes. Helping to develop sustainable energy resources and increasing energy security are key objectives of the EBRD’s strategy in Jordan.
The power plant is being developed, constructed and operated by a 100% subsidiary of SunEdison, Inc., one of the world’s leading solar developers and investors.
The project will be co-financed by a $25mn loan from the US Overseas Private Investment Corporation (OPIC), with whom the EBRD also co-financed the 240MW Al Manakher power plant, which began operations in July 2014.
Nandita Parshad, EBRD Director for Power and Energy, said: “We are delighted to finance the EBRD's first renewable project in Jordan and the Southern and Eastern Mediterranean.
“This is a region with a rapidly growing demand for power but also with a large potential for the development of renewables. Jordan in particular is a country where solar energy can make a clean and reliable contribution to meeting rising demand and reducing dependence on expensive hydrocarbons.
“We are very pleased to cooperate again with OPIC in Jordan and excited to be working for the first time with SunEdison, who have brought their world class skills and experience to this ground breaking project.”
The EBRD started its activities in Jordan in 2012 and to date has invested EUR 200mn ($253mn) in the country with a focus on supporting sustainable energy, direct and indirect financing of private enterprises and promoting infrastructure reform and facilitating non-sovereign financing.