Philadelphia Solar closes finance for first-round Jordanian FIT project

Jordan continues to lead the MENA region as a solar market with a local solar developer and manufacturer closing US$15.5 million in financing for a 10 MW power plant. In an encouraging sign, local lenders have provided debt financing for the PV power plant. The Capital Bank of Jordan will provide debt financing for the project, under two facilities agreements.

Philadelphia is one of 13 companies developing projects under the first round of Jordan’s PV FIT program. The company says it is the first to close the financing on a project.

“It gives us great pride to announce financial close for this project, which is owned, built, operated, and financed locally in Jordan,” said Abdulrahman Shehadeh, Chairman of Philadelphia Solar. “We are proud to work with Capital Bank of Jordan for financing the debt portion of the project.” Debt is being provided by AFD and the Central Bank of Jordan.

Capital Bank Chairman Bassem AlSalem added that the bank is striving to finance renewable energy projects.

“This project will be built by a Jordan-based leading regional solar developer and manufacturer and financed locally, and the bank is happy to be a partner in this exciting achievement,” said AlSalem.

While it has not formally been announced, Philadelphia will presumably supply the project with both modules and mounting systems. Philadelphia has a module manufacturing capacity of 120 MW and can also produce 300 MW of mounting structures annually. It produces its mounting systems under a licensing deal with Germany’s Arcelor Mittal.