December 4 (Renewables Now) - The European Bank for Reconstruction and Development (EBRD) is lending USD 265 million (EUR 232.6m) to Jordan’s National Electric Power Company (NEPCO) in support of greener energy generation and corporate reforms.
The long-term loan is expected to refinance NEPCO short-term debt and fund investments in additional grid capacity. The EBRD said the construction of new substations, automated grid management systems and transmission infrastructure will make it possible to better integrate renewable energy into the electricity network. For example, it will be possible for solar energy generated in the north and south to be fed into the grid and directed towards high demand areas.
In addition to the loan, EBRD, NEPCO and the Jordanian government also agreed a partnership under which they will work together to reform the national power firm's governance and operations. This initiative will be supported by grant-funded technical cooperation assignments.
(USD 1 = EUR 0.88)