EBRD Finances Private-to-Private Solar Project in Jordan

20/08/2019 08:25 Solar

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The European Bank for Reconstruction and Development together with its partners is supporting a pioneering energy project in Jordan with a financial package of up to $35 million. The project will enable the telecom operator Orange Jordan to cover part of its demand with clean energy generated in solar plants.

The solar plants have been developed by the Jordanian company Kawar Investment and engineered, procured and constructed by Kawar Energy. Their total capacity is 37 MWp. The operation and maintenance arm of Kawar Energy will be handling the operations and maintenance of all three solar parks for the next 20 years.

 

The financing is provided by the EBRD with a loan of up to $15 million, the Jordan Kuwait Bank PSC with $9 million, the Arab Jordan Investment Bank (Qatar) with $6 million and the Climate Investment Funds’ Clean Technology Fund with $4.6 million. The project marks the EBRD’s first collaboration with two major Jordanian banks to finance an energy projects.

Source: renewableenergymagazine.com

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