IFC to oversee Masdar's solar project in Jordan
Expected to break ground later this year, the 200MW plant, the largest solar power plant in Jordan, will be built just 10km away from Amman
UAE’s renewable energy provider, Masdar, has appointed the International Finance Corporation (IFC) to oversee the funding of the largest solar power plant in Jordan.
The 200 megawatt (MW) photovoltaic facility is being developed by the wholly owned Masdar subsidiary Baynouna Solar Energy Company (BSEC), according to state news agency, WAM.
Chief executive officer of Masdar, Mohamed Jameel Al Ramahi and chief financial officer Niall Hannigan signed a finance mandate letter with Eric Becker, IFC’s manager of infrastructure for the Middle East and North Africa.
Hannigan said: "We are delighted to be working with the IFC in the realisation of Jordan’s largest solar plant, further consolidating Masdar’s significant presence in the country.
"Our partnership with the IFC will ensure that this landmark project will be developed according to the highest standards of financial best practices while illustrating the strength of investor confidence in renewable energy."
Expected to break ground later this year, the 200MW plant will be built just 10km away from Amman.
Becker of IFC said: "The Middle East and North Africa continue to face serious power shortages, and there is now even greater pressure on infrastructure services.
"We have been working with Masdar, a key partner, since 2013, and welcome this opportunity to further support the development of renewable energy generation capacity across the region."
The project follows the launch of the 117 MW Tafila wind farm in Jordan in December 2015, the Middle East’s largest onshore wind power development.
Masdar has a 31% stake in Tafila, with InfraMed (50%) and EP Global Energy (19%) holding the rest.
The combined output of Tafila wind farm and the Baynouna solar project will account for nearly 18% of the 1.8 gigawatt (GW) of renewable energy that Jordan plans to install by 2020.