The loan is co-financed by the International Finance Corporation (IFC), DEG and the OPEC Fund for International Development.
Masdar and Taaleri have formed a special purpose company Baynouna Solar Energy (BSEC) to build the project.
When completed, the solar project which will be located in Al-Muwaqqar District, Amman Governorate, can help in reducing at least 360,000 tons of carbon dioxide emissions per year.
BSEC will be responsible for the construction and operation of the solar power plant.
Currently, Jordan is facing a tight supply and demand balance in power, with total power generation of 19.4GWh compared to 16.8GWh of energy consumed in 2016.
A deterioration of existing power production facilities and a predicted rise in the demand for power 4 to 5% per year, continuous power development has become essetial for the country.
As the country imports 97% on its energy sources, which can be easily influenced by price fluctuation, the government of Jordan has decided to promote the generation of renewable energy with a target of up to 20% by 2020.
In November last year, the European Bank for Reconstruction and Development (EBRD) announced that it was offering $52m loan for the construction and operation of a 45MW wind farm in the Shobak region, 160km south of the capital, Amman.
The Shobak wind farm is the second wind farm to be financed by the EBRD under Jordan’s first round of its programme of private utility-scale wind projects.
Image: JICA and IFC to provide financial support for 200MW solar plant in Jordan. Photo: Courtesy of RK008/FreeDigitalPhotos.net.
