UAE-based Abdul Latif Jameel Energy, which is the parent company of Spanish solar project developer Fotowatio Renewable Ventures (FRV), announced that construction of the Mafraq I y Mafraq II PV projects in Jordan has begun.
The ground-breaking ceremony was attended by the Jordan Minister of Energy Ibrahim Saif and the president of the local power utility NEPCO. The two projects are expected to come online in June 2018. The two facilities will supply will power at $0.069 and $0.076 per kWh, respectively, and will amount to 2% of the country’s overall generation capacity.
Fotowatio closed the financing agreements for both projects in late March. The projects’ required investment is estimated at $180 million.
As part of the government’s program to boost renewable energy investment and reduce the country’s reliance on imported oil, Mafraq I received a financing package from the International Finance Corporation (IFC), the Dutch Development Bank (FMO), and the Europe Arab Bank in which the IFC acted as lead arranger and syndicated part of the loan to the other two entities. IFC has also arranged the financing of the Finnish development financier FinnFund and the IFC-Canada Climate Change Program.
Meanwhile, the European Bank for Reconstruction and Development (EBRD) and the Society for the Promotion and Participation for Economic Cooperation (PROPARCO) financially underpinned Mafraq II.
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