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EBRD to provide $65m loan to Al-Safawi solar plant in Jordan

CTBR Staff Writer Published 19 September 2017

The European Bank for Reconstruction and Development (EBRD) has decided to provide a loan of US$65m to Al-Safawi for Green Energy PSC for setting up a 51MW solar power plant in the Al-Safawi area of Jordan.

While Fotowatio Renewable Ventures (FRV) owns 70% of the Jordanian company, Arabia Trading & Consulting Company Ltd (ATC) owns the remaining 30%.

The Al-Safawi plant is the fourth and final project being developed under the second round of Jordan’s solar program. The project is expected to spur economic development and generate employment opportunities in northern Jordan.

Since 2012, EBRD has committed US$1bn to 38 projects in Jordan, with a cumulative installed capacity of over 1,000MW, of which 300 MW are renewable power projects. The Al-Sawafi plant is the eighth utility-scale renewable project financed by the EBRD.

EBRD Power and Energy director Harry Boyd-Carpenter said: “This project is the third financed by the EBRD under Jordan’s second round of its solar energy program, bringing the total installed capacity of power projects supported by the EBRD in Jordan to more than 1,000MW.

“We are pleased to continue our successful cooperation with FMO and FRV, and delighted to support FRV and ATC in this fruitful collaboration.”

FRV, a global developer and operator of renewable energy generation assets, has development portfolio in Australia, the Middle East, Africa, Asia and Latin America. ATC is a diversified Jordanian business, operating in electricity, water and energy generation. It is the only developer to participate in each of Jordan’s solar independent power producer rounds.

Image:Since 2012, EBRD has committed US$1bn to 38 projects in Jordan. Photo courtesy of The European Bank for Reconstruction and Development.