FMO, DEG to extend debt for 50-MW solar project in Jordan

Al Badiya solar/storage park in Jordan. Source: Philadelphia Sola.

April 11 (Renewables Now) - A 50-MW solar project in Jordan’s Ma’an governorate will receive a USD-59.2 million (EUR 52.5m) debt financing package from the Netherlands Development Finance Company (FMO) and DEG - the German Development Finance Institution.

The company behind the project is Al Husainiyah Power Generation Co, a joint venture of United Arab Emirates-based AMEA Power and Philadelphia Solar, owning stakes of 70% and 30%, respectively. FMO announced on Wednesday it will extend half of the funds, USD 29.6 million, while an additional loan of the same size will be provided by DEG. FMO is the lead arranger for the senior debt, maturing in 18.5 years.

The photovoltaic (PV) park will be equipped with 200,000 panels, each of 330 MWp, which Philadelphia Solar will make at its production base near Amman. Once operational, the plant will be able to generate electricity for around 42,000 homes per year and offset 100,000 tonnes of carbon dioxide (CO2) emissions.

According to the press release, this will be the first utility-scale solar project in Jordan that is supported by international lenders and will use locally-made components.

(USD 1.0 = EUR 0.887)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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