December 21 (Renewables Now) - Saudi Arabia's ACWA Power said today its 61.3-MWp Risha solar photovoltaic (PV) power project in Jordan has achieved financial close.
According to the announcement, the milestone was reached on December 20 following the signing of financing agreements late last month with the European Bank for Reconstruction and Development (EBRD), the German Investment Corporation (DEG) and Arab Bank. The EBRD is providing a loan of USD 22 million (EUR 18.5m), while DEG and Arab Bank are providing USD 16 million each.
A power purchase agreement (PPA) for the project was signed on bilateral basis with Jordan's National Electric Power Company (NEPCO) earlier in 2017. The facility will sell power at a rate of JOD 0.042 (USD 0.059/EUR 0.050) per kWh, which the developer said is the lowest renewables tariff in Jordan including Round I and II of the photovoltaic procurement programme. It is some 3% below the rate for the Mafraq PV project, also developed by ACWA. The Risha solar farm will be connected via a substation that is already connecting an existing CEGCO gas-fired power plant.
ACWA said it is now looking forward to building the plant and beginning commercial operations by the third quarter of 2019.
(JOD 1 = USD 1.410/EUR 1.189)