SunEdison seals $50mn for Jordan solar project
EBRD and OPIC provide financing for construction of 23.8MW plant.
SunEdison announced the closing of a $50mn debt financing arrangement with the European Bank for Reconstruction and Development (EBRD) and the Overseas Private Investment Corporation (OPIC).
The debt proceeds will be used to finance the construction of a SunEdison owned 23.8MW DC solar photovoltaic (PV) power plant in the Ma'an Governate, in Southern Jordan.
Construction will begin in Q4 2014 and interconnection is expected to take place in Q3 of 2015.
The project will cover an area of approximately 50 hectares and will feature SunEdison 330 monocrystalline PV modules and the AP90 Single Axis tracker.
On an annual basis, the system is expected to generate approximately 57,000 megawatt hours (MWh) of solar power, saving the emission of 35,000 tons of carbon dioxide (CO2).
The PV plant will sell electricity to the Jordanian National Electric Power Company (NEPCO) under a 20-year power purchase agreement (PPA). The power plant will connect to the grid via a substation that will be built by NEPCO.
"This project is a new proof point of SunEdison's capacity to develop innovative energy solutions matching government requirements in record time. Our wide expertise together with the partnership with world-class partners, such as OPIC and EBRD, have been crucial for this achievement,” comments Jose Perez, President of SunEdison for Europe, Middle East, Africa and Latin America.
"This project will be critical for Jordan to increase its renewable energy capacity and to reduce its reliance on costly hydrocarbon imports,” added Al Dahya, General Manager of SunEdison for MENA and Turkey.
“Photovoltaic energy has the potential to be an important part of the future diversified energy mix in the Middle East, reducing energy costs and contributing to the growing energy demand. This project represents just the beginning of SunEdison's long-term commitment to the development of the clean energy in the region."