Translated version of this PSD: Arabic
The Bank is considering providing USD 30.0 million to Jordan District Energy (“JDE”) for the establishment of Jordan’s first district cooling and heating plant which will deliver cooling and heating to the newly built Abdali Urban Regeneration Development (“AURD”) in Amman, Jordan (the “Project”).
The Project is essential to the success of the AURD which is developed to provide a long-term, high standard business, tourism, residential and commercial infrastructure that aims to transform Amman into a new business hub in the region.
The Project will address the acute lack of energy in Jordan, one of the most compelling issues in the country. The Project will contribute to an- annual savings of 40,450 MWh of electricity and heat and will help in reducing the annual CO2 emissions by 13,700 tons.
Transition impact is expected to be achieved through:
1. Private sector participation in a traditionally municipal service.
2. Successful demonstration of new products and procedures by introducing the Kingdom’s first sustainable district cooling and heating plant.
JDE was incorporated in Jordan in 2008 as a limited liability shareholding company with the aim of providing district energy services, primarily to serve the landmark AURD project. JDE is majority owned by Abdali Investment and Development - AID (50.0%) as well as by Horizon Development (35.0%) and National Resources Investment and Development Corporation - Mawared (15.0%).
A senior secured loan of up to USD 30.0 million to JDE.
Exceeds USD 105.0 million.
Categorised B. The Project will result in significant environmental benefits through minimising GHG emissions in comparison with regular type for heating and cooling of both Abdali office/residential complex. Environmental and social impacts of the project are readily identified and can be addressed by adequate mitigation measures. ESDD site visit showed that most mitigation measures of most potential environmental and social negative impact are taken into consideration at design and engineering stage. It also showed that the Client follows good environmental practices for operating and maintaining currently operating cooling and heating units. However, there are other environmental and social issues/risks in which the Client needs to take up in compliance with the Bank’s Performance Requirements and shall be addressed in the related ESAP, especially with regard to the management of Ammonia-refrigerant system of the Project, labour and community environmental health and safety.
George Amireh – CEO
Tel: +962 (0) 799918918
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