January 17 (Renewables Now) - The 200-MW Baynouna solar project in Jordan is ready to start construction now that financial close has been reached, the CEO of Masdar said at Abu Dhabi Sustainability Week.
Masdar, or Abu Dhabi Future Energy Company, developed the project and recently agreed to sell a 30% stake in it to Finnish asset manager Taaleri Oyj (HEL:TAALA).
The International Finance Corporation (IFC) said on Tuesday it has arranged up to USD 188 million (EUR 154m) in financing for the photovoltaic (PV) project. The financing package includes a USD-54-million loan from the World Bank Group member and more funds from the Japan International Cooperation Agency (JICA), Dutch development bank FMO, Europe Arab Bank, the OPEC Fund for International Development (OFID) and German development bank DEG.
The Baynouna solar park is to be up and ready to run in the second quarter of 2020. The engineering, procurement and construction (EPC) contract for the project has been awarded to Enviromena Power Systems and Arabian BEMCO Contracting Co. Once operational, the PV power plant is expected to produce 563.3 GWh annually, enough to supply 3% of Jordan’s demand. The project has a power purchase agreement (PPA) with National Electric Power Company (NEPCO).