EBRD finances first solar power plant in Jordan
The European Bank for Reconstruction and Development (EBRD) is providing a $25m loan for the construction and development of a 20 MW solar photovoltaic power plant in Jordan to help address the country’s energy shortages by utilising its world class solar resource. The new plant, located 13kms south east of the city of Ma’an in southern Jordan, will deliver much-needed generating capacity from a clean, reliable domestic resource, thereby reducing the country’s dependence on hydrocarbons. Jordan is forced to import over 97% of the energy it currently consumes. Helping to develop sustainable energy resources and increasing energy security are key objectives of the EBRD’s strategy in Jordan. The power plant is being developed, and will be constructed and operated by a 100% subsidiary of SunEdison, Inc., one of the world’s leading solar developers and investors. The project will be co-financed by a $25m loan from the US Overseas Private Investment Corporation (OPIC), with whom the EBRD also co-financed the 240 MW Al Manakher power plant, which began operations in July. The EBRD started its activities in Jordan in 2012 and to date has invested $253m in the country with a focus on supporting sustainable energy, direct and indirect financing of private enterprises and promoting infrastructure reform and facilitating non-sovereign financing.