This investment represent Adeniums third solar infrastructure investment vehicle over the last two years, adding to its current 65MW portfolio in Japan and 60MW in Italy and additional 20MW in Jordan.
Adenium and its partner, Bright Group Investments signed the Power Purchase Agreement with the National Electricity Power Company. The PPA was on March 29th, 2014 at a tariff of U.S.$0.169/kWh tariff for 20 years.
This project is a groundbreaking development for solar power in Jordan and the region. Our solar project is going to generate power from the plentiful Jordan solar recource, increasing Jordans energy independence. Moreover, this will present great economic savings to the Jordanian government, a solution we are proud to be part of. As for Adenium, this represents an important achievement in our region, making our investment one of the few private renewable energy investments in the Middle East, said Wassef Sawaf, CEO of Adenium.
The project will be located in the Ma'an Development Park and is expected to be connected by the second quarter of 2015.
Jeremy Crane, Adeniums COO, commented: "The execution of the PPA marks an exciting milestone for Adenium after three years of work. Over the coming months our team will be structuring financing, finalizing construction contracts, and ultimately contributing to building a new economic sector for Jordan."
