Saudi energy company Acwa Power has reached financial closing for a 61.3 MW solar project it is developing in the Risha region, 300 km north east of Amman, Jordan.
The company said it was granted US$22 million in financing by the European Bank for Reconstruction and Development (EBRD) and that another $32 million were provided by Deutsche Investitions- Und Entwicklungsgesellschaft Mbh (DEG) and Arab Bank to Risha for Solar Power Projects PSC, which contributed $16 million each.
The solar plant will sell electricity to local utility, NEPCO at a record-low rate of roughly $0.056/kWh over a period of 20 years. The PPA for the project was signed by the company with the Jordan Ministry of Finance in March.
“This is an important milestone for the project. Having closed the financing, we are now looking forward to successfully building the plant and commencing in the commercial operations by Q3-2019,” said the company’s managing director Thamer Al Sharhan.
Acwa is building another 60.9 MW PV facility in Mafraq, located to the north-east of Amman.
The plant is currently being built by ET Solutions AG, the German unit of Chinese PV module provider and project developer, ET Solar, in partnership with Chinese engineering company, Northwest Power Design Institute (NWPDI), a unit of China Power Engineering Consulting Group.
The plant will sell the generated electricity to local utility, National Electric Power Company (NEPCO) under a long-term PPA at a price of 0.043 JOD ($0.0607) per kWh.