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EBRD finances solar power plants in Jordan

By Nibal Zgheib

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The European Bank for Reconstruction and Development (EBRD) and the French Development Finance Institution PROPARCO are providing loans totalling US$ 100 million (US$ 50 million each) to fund the construction of three solar photovoltaic generation plants in Jordan located in the area nearby Ma’an City in southern Jordan. The new plants will deliver 40 MW of much-needed generating capacity from a clean, reliable domestic resource, thereby reducing the country’s dependence on hydrocarbons. Jordan imports over 97 per cent of the energy it consumes. Projects that develop sustainable energy resources while increasing energy security are central to the EBRD’s strategy in Jordan.

Following the signing of the 20 MW SunEdison Ma’an Solar Power Project on 26 September 2014, this brings the total investment of the EBRD in Jordan’s renewable energy sector to US$ 75 million.

The three projects have been developed jointly by Norwegian solar power company Scatec Solar ASA, together with its Jordanian partners, European Jordanian Renewable Energy Projects LLC, Greenland Alternative Energy LLC and Quest Energy Investments LLC.

Nandita Parshad, EBRD Director for Power and Energy, said: "We are pleased to be partnering with PROPARCO, Scatec Solar, EJRE and their partners to boost the production of renewable energy in Jordan. Jordan has outstanding renewable resources, especially solar, and we are committed to develop this sector and to help increase Jordan's energy supply while reducing its environmental impact."

Chief Executive Officer of PROPARCO, Claude Périou said: “Encouraging the development of green and clean energies is one of the core focuses of PROPARCO’s strategy. This successful partnering with EBRD, Scatec Solar, EJRE and their partners will contribute not only to reducing Jordan’s dependency on fossil fuels while securing its energy needs, but also to fighting climate change on a broader, more global scale. PROPARCO has been involved in Jordan for 10 years, we truly hope our future operations will be as inspiring.”

Jordan became a member of the Bank in 2012 and to date the EBRD has committed US$ 336 million across 15 projects in Jordan in various sectors. Through the EBRD’s Small Business Support programmes the Bank has also initiated 67 technical assistance capacity-building support programmes directly benefiting Jordanian small and medium-sized enterprises.

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