ACWA Power seals financing for Jordan solar plant

ACWA Power has concluded a financing agreement to build a new solar plant in Jordan.

 ACWA Power has concluded a financing agreement to build a new solar plant in Jordan.

The plant will be located in Mafraq Development Area (50km north-east of Amman) and is part of a 150MWac Solar Complex.

The project will also result in c. 1.5 million tonnes of CO2 saved over 20 years, equivalent to 79,000 tonnes of CO2 per year.

The financing comprises an A loan of $27m from the European Bank for Reconstruction and Development (EBRD) and a B loan of the same amount from the Netherlands Development Finance Company (FMO) to the Local Company for Water and Solar Energy Projects PSC (Project Company).

Rajit Nanda, chief investment officer of ACWA Power said: “This is an important project for ACWA Power in Jordan. It adds up to our presence as one of Jordan’s largest power generators (through CEGCO, and the ACWA Power Zarqa - which is nearing execution), and is yet another demonstration of our commitment to the country. The partnership with EBRD for funding this project has been a critical component in helping us support NEPCO by providing record low tariffs for Renewable energy in Jordan.”





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