December 12 (Renewables Now) - Saudi Arabia-based ACWA Power will receive USD 22 million (EUR 18.7m) in financing for the construction and operation of a 50-MW solar park in Jordan.
The loan will be extended to Risha for Solar Power Projects PSC, a special purpose vehicle owned by ACWA Power, the EBRD said on Monday. The financing comes together with two parallel loans of USD 16 million each from the German Investment Corporation DEG and Arab Bank, respectively. The total value of the project is estimated at USD 69 million, according to a previous EBRD statement.
The Risha photovoltaic (PV) park will be constructed on government-owned land in the military zone near the Iraq border, next to the existing 150-MW Risha gas turbine power plant. The solar power facility is expected to gradually replace the ageing gas-fired plant.
The scheme is seen to contribute to achieving Jordan’s target of meeting 10% of its power demand with renewables by 2020. It is the eighth solar project that receives EBRD funding in the last four years, the lender noted.
Since 2012, the EBRD has provided over USD 1 billion for 41 projects in Jordan, which resulted in the addition of more than 1.1 GW of power generation capacity.
(USD 1.0 = EUR 0.849)