US$ 71 million to 67 MW FRV Empire solar power plant
The European Bank for Reconstruction and Development (EBRD) and Société de Promotion et de Participation pour la Coopération Economique (PROPARCO) are continuing their support for the power sector in Jordan by providing parallel loans totalling US$ 71 million to Al Ambaratouria Ll Taka Al Shamsia, a Jordanian company majority owned by Fotowatio Renewable Ventures (FRV), for the construction of the 67 MW FRV Empire solar power project.
The project is one of four being developed under the second round of Jordan’s solar programme and firmly establishes the country as a regional leader in the successful deployment of renewable energy. The venture not only supports the shift towards sustainable, local sources of energy but will also be one of the cheapest forms of electricity generation in the kingdom. It highlights the benefit of moving from a subsidised feed-in tariff regime to a tariff set by competitive tender.
This landmark announcement coincides with an event to celebrate FRV’s 10th anniversary, to be held in Madrid. Over the last decade FRV has established itself as leader in the development and implementation of highly competitive renewable solutions across the globe.
To mark the event and to underline their continuing commitment to social and economic development in their countries of operations, the EBRD, FRV and PROPARCO will be funding a Young Talent Leader Scholarship at IE (Instituto de Empresa) University in Madrid. The scholarship will be handed to the selected Jordanian student at a ceremony to be held at IE University on 1 December and will support the education of a talented Jordanian to study for a four-year degree.
Nandita Parshad, EBRD Director for Power and Energy, said: “This project is a major milestone for the EBRD. It brings to more than 500 MW the total installed capacity of projects supported by the Bank in Jordan. We are pleased to continue our successful cooperation with PROPARCO and are delighted to celebrate the start of a new relationship with FRV on the occasion of its 10th anniversary.”
“This project represents a key step in achieving FRV’s strategy to develop and build renewable power generation assets in Jordan,” said Rafael Benjumea, CEO of FRV. “We want to share our success with the communities where we operate. Therefore, scholarships align with one of our strongest commitments. With this initiative, we can extend the social impact of the projects we develop in different markets, encouraging educational development in the region.”
Emmanuelle Matz, Head of PROPARCO’s Power and Energy, said: “We at PROPARCO are very pleased to pursue our strong commitment to the Jordanian power sector, which we have been actively supporting since 2010, and to finance another round of solar projects in this country alongside the EBRD, adding renewable energy to the grid. We are delighted to support FRV’s first solar venture in the country and we hope for a long-lasting relationship between our companies in emerging and developing countries.”
Jordan became an EBRD country of operations in 2012. To date, the EBRD has committed US$ 833 million through 33 projects in various sectors of the economy. This is the sixth large-scale renewable project financed by the EBRD in Jordan and brings the total capacity of projects financed by the Bank in Jordan to more than 400 MW.
The EBRD’s strategic plan for the period 2016-18 has three priorities: strengthening economic resilience, addressing global challenges and supporting regional integration. In the context of the EBRD’s focus on Green Economy Transition since late 2015, the Bank expects to more than triple the volume of renewable energy financed in Jordan in the near future.
FRV is a leading global solar development company with a 4.8 GW development portfolio in the emerging solar markets including Australia, the Middle East, India, Africa and Latin America.
Since 2006, the management team has completed the construction, operation, maintenance and financing of over 780 MW of photovoltaic and CSP solar energy plants. Such projects represent more than US$ 2.5 billion in total financings with more than 20 leading banks.