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Scatec Solar seals $100mn for Jordan solar plants

EBRD and French development agency provide funding for three projects.

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EBRD, Scatec, Solar, News

Norway’s Scatec Solar and its partners have entered into financing agreements totalling $100mn for the development and construction of three solar power plant projects in Jordan.

The debt financing will be provided by The European Bank for Reconstruction and Development (EBRD) and the French development agency Societe de Promotion et de Participation pour la Cooperation Economique (Proparco).

The projects, which have a combined capacity of 43 megawatt (MW) and total investments are estimated to $135mn, are being developed jointly by Scatec Solar and its Jordanian partners, Quest Energy Investment, European Jordanian Renewable Energy Projects and Greenland Alternative Energy.

Scatec Solar will construct the plants and in addition provide operation and maintenance services when the plants are finalised and in operation.

"Securing financing for the Jordanian projects is an important milestone for Scatec Solar, and an important contribution to meet our ambition of continued strong growth as an independent solar power producer.

“I am pleased to see that our approach to team up with local partners and strong finance institutions bring about such great results", says CEO Raymond Carlsen in Scatec Solar.

Scatec Solar will own 70% of the 10 MW Oryx plant and 40% of the two other plants totaling 33 MW capacity. Completion of the plants is scheduled for the second half of 2015.

Annual production from the three plant is estimated to 104,000 MWh, generating revenues of some $17mn per year.

The electricity produced will be sold under a 20-year power purchase agreement with the National Electric Power Company (Nepco). All plants are located in the area nearby Ma'an City in southern Jordan.

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