Jordan's largest solar PV project wins financing
Japanese lenders agree $129mn deal for 52.5MW Shams Ma'an project.
Japanese lenders have signed up to finance the largest solar photovoltaic power project in Jordan.
Japan Bank for International Cooperation (JBIC), Nippon Export and Investment Insurance (NEXI), Mizuho Bank and Standard Charter Bank have agreed to lend $129mn repayable over 18 years for the 52.5MW Shams Ma'an Solar Power Plant Project.
Shams Ma’an is a joint venture that includes Japan’s Mitsubishi Corp (35%), Nebras Power and Jordanian private company Kawar (30%) as major shareholders.
Nebras is a joint venture between Qatar Electricity and Water Company (QEWC) (60%), Qatar Holding (20%) and Qatar Petroleum International (20%).
The signing ceremony took place in Amman, Jordan, on Sunday, in the presence of Jordan Prime Minister Abdullah Ensour and Japan Prime Minister Shinzo Abe.
The project is the largest of 12 solar PV plants with a combined capacity of 170MW currently being built under Jordan’s first renewable energy round. A second round is currently underway although a third round has been delayed.
Shams Ma'an Power Generation company has a power purchase agreement with National Electric & Power Company (Nepco) of Jordan.
First Solar is the EPC contractor and also has an operation & maintenance contract for the plant which is expected to start commercial operations by the end of July 2016.