EBRD leads $35m funds to Kawar solar plants for Orange Jordan
The Mafraq and Amman solar plants were co-financed by EBRD, JKB, AJIB, and Clean Technology Fund
European Bank for Reconstruction and Development (EBRD) said it had teamed up with Jordan Kuwait Bank (JKB), Arab Jordan Investment Bank (AJIB), and Climate Investment Funds’ Clean Technology Fund to provide a $34.6m grant for three solar plants in Amman and at King Hussein Bin Talal Development Area in Mafraq.
The three solar plants were backed by Jordanian company Kawar Investment and constructed by Kawar Energy, for telecom firm Orange Jordan.
The 37 MWp projects will help Orange Jordan cover part of its demand with clean energy generated in solar plants.
Kawar Energy, which holds 200MW of operational projects, was able to construct the plant "exceptionally quickly", according to EBRD.
The operation and maintenance arm of Kawar Energy will work on all three solar parks for the next 20 years.
EBRD provided a loan of $15m for the project, with JKB, AJIB, and Climate Investment Funds’ Clean Technology Fund respectively providing $9m, $6m, and $4.6m.
The three plants are expected to generate around 70 GWh per year in total, reducing CO2 emissions by 41,500 tonnes annually, the bank said in a statement.
EBRD said the solar scheme marked its first project in Jordan within its southern and eastern Mediterranean Private Renewable Energy Framework, which was launched in 2015 to spur business models that can mobilise private finance for renewable energy projects in the southern and eastern Mediterranean region.
