UAE's AMEA Power Achieves Financial Close on 50MW Al Husainiyah Solar Park in Jordan
The Al Husainiyah project is sponsored by AMEA Power, as the lead developer and majority owner (70%) and Jordan-based Philadelphia Solar (30%)
AMEA Power has reached financial close and will begin the construction of the $74mn Al Husainiyah Power Plant, a 50MW greenfield solar park in Ma’an Governorate (~200 km south of Amman) in Jordan. The commercial operation date is scheduled for Q4 2020 and will supply 42,000 households with affordable clean energy and avoid at least 100,000 tonnes in annual CO2 emissions.
The Al Husainiyah project is sponsored by AMEA Power, as the lead developer and majority owner (70%) and Jordan-based Philadelphia Solar (30%).
AMEA Power is a fast-growing developer, operator and owner of power assets in emerging markets. Philadelphia Solar is a Jordanian company that manufactures, develops, designs, constructs, owns and operates utility-scale commercial and industrial photovoltaic plants.
The project will source over 200,000 330Wp panels that will be manufactured in Philadelphia Solar’s manufacturing facility in Al-Qastal Industrial Area, near Amman. As such, the project will support the sustainability and expansion of this facility, along with the good-quality jobs it provides to approximately 375 employees, including 26 female employees in administrative and managerial positions.
FMO is acting as a lead arranger for the $59.2mn senior financing package. In addition to its own participation of USD 29.6 mln, FMO is mobilizing USD 29.6 mln from DEG, the German Development Finance Institution.
The Al Husainiyah project will play a major role in the country as it supports the government’s vision to enhance the security and affordability of its power sector, by reducing its reliance on expensive imported fossil fuels.
“AMEA Power believes in Jordan and the government’s commitment to increase the renewable energy share in the country’s power production. Through this project, we are proud to support Jordan’s vision to reduce its reliance on imported fuel and limit its carbon footprint. The country is an important market for us as we recently also reached financial close on a 50MW wind project in Jordan and we hope that this solar project will stimulate further investments in renewable energy projects in Jordan.” Hussain Al Nowais, Chairman, AMEA Power.
“Philadelphia Solar today achieved a new milestone by the support of all stakeholders. We are proud of this great partnership, and in my opinion the project real value comes from the great mix of sustainability, job creation and local content support.” A.R Shehadeh, Chairman, Philadelphia Solar
“This project perfectly fits with our strategy. Not only is it 100 percent green, it also has a high developmental value because the project will source its PV panels from a local manufacturer, thereby supporting hundreds of good quality jobs. For FMO, this transaction also represents another successful collaboration with DEG under the Friendship Facility, a partnership we are keen to expand to better serve our shared objectives.” Linda Broekhuizen, Chief Investment Officer, FMO.