The loan will be provided to Al-Safawi for Green Energy PSC, a Jordanian company 70% owned by Fotowatio Renewable Ventures (FRV) and 30 percent owned by Arabia Trading & Consulting Company Ltd (ATC). The loan is split equally between an A loan provided on EBRD's own account and a B loan funded by the Dutch development Bank (FMO).
This solar plant is the fourth and final project to be developed under the second round of Jordan's solar programme. The successful financing of that round firmly establishes Jordan as a regional leader in the successful deployment of renewable energy. Furthermore, the project is expected to stimulate economic development and local employment in northern Jordan, a region that faces significant challenges from the refugee influx.
Harry Boyd-Carpenter, EBRD Director for Power and Energy, said: “This project is the third financed by EBRD under Jordan’s second round of its solar energy program, bringing the total installed capacity of power projects supported by EBRD in Jordan to more than 1,000 MW. We are pleased to continue our successful cooperation with FMO and FRV, and delighted to support FRV and ATC in this fruitful collaboration.”
“The Al-Safawi project further cements ATC’s commitment towards supporting Jordan’s renewable energy ambitions”, said Mohanned Khalifeh, ATC Group CEO. “The project, which was originated by ATC, is our second solar development in Jordan. As the only local developer to be successfully involved in this second round of solar programme, we endeavour to amplify our commitment through the capacity building of local Jordanian talent across all project phases.”
Rafael Benjumea, CEO of FRV, emphasised the social impact of the project: “We want to share our success with the communities where we operate, and scholarships are one of our strongest commitments. With the ‘Young Talented Leaders’ scholarship, we get to extend the social impact of our projects, encouraging the educational development in the region. This is the second time EBRD supports this initiative. EBRD’s support has enabled us to keep meeting our social commitment in the country.”
Jordan became an EBRD country of operations in 2012. To date, the EBRD has committed US$ 1 billion to 38 projects in Jordan, of which ten in the power and energy sector. This is the eighth utility-scale renewable project financed by EBRD in Jordan and brings the cumulative installed capacity of projects financed by EBRD in Jordan to more than 1,000 MW, of which 300 MW are renewables.
