Martifer Solar and Dubai-based investment and development group Adenium Energy Capital have secured a 20-year power purchase agreement (PPA) for a 10 MWac solar PV plant in the southern Jordanian city of Ma’an.
The companies signed the power purchase deal with Jordans National Electric Power Company (NEPCO) — at a tariff rate of US$0.169 — after winning one of the coveted 12 agreements signed under the first round of projects from the Ministry of Energy and Mineral Resources part of the countrys National Renewable Energy Plan.
Portugal-based Martifer will oversee development of the project, which has been approved by the Jordanian government. In addition, the company will provide engineering, procurement and construction (EPC) services and be responsible for the related operations and maintenance (O&M) following the connection of the plant.
Adenium Energy Capital, which specializes in the financing and development of clean energy, is bankrolling the $26 million project. The investment represents Adeniums third solar infrastructure investment vehicle over the last two years, adding to its current 65 MW portfolio in Japan and 60 MW in Italy.
"The successful award of this PPA for a new 10 MW plant in Jordan confirms our abilities as a fully-integrated player capable of adapting our 360-degree business model to new and emerging markets," said Martifer Solar CEO Henrique Rodrigues. "The fact that the Jordan government has approved Martifer Solar as the lead developer for this project is the best testimonial to our proven strength and track record in project development from other successful markets, such as the United Kingdom."
The 10 MW solar PV plant will be built in an area of approximately 260,000 square meters using modules installed on single-axis trackers. Martifer expects the plant to produce some 25 gigawatt hours a year.
The company added that the project would help spur economic growth by providing more than 100 jobs to the local community in addition to the significant environmental benefits it will provide to Jordan and the Maan area.
Adenium CEO Wassef Sawaf described the project as a "groundbreaking development for solar power in Jordan and the region" that would increase the countrys energy independence and provide significant economic savings for Jordans government.
"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," Sawaf added.
The project was awarded under the first round of Jordan’s National Renewable Energy Plan, which has set a target of generating 10% of the countrys electricity from renewable sources. The plan calls for up to 600 MW of solar projects to be connected to the grid by 2020.