Acwa inks finance deal for key Jordan solar plant

24 Nov 22 Nov, 2016

[sociallocker]Saudi-based Acwa Power has signed financial agreements with two European banks – European Bank for Reconstruction and Development (EBRD) and Netherlands Development Finance Company (FMO) – for the development of a 60.3 MW solar photovoltaic (PV) independent power plant in Mafraq in Jordan. The transaction includes a $27-million loan from each of the two banks. On completion, Acwa Power will provide electricity to the Jordanian water and solar energy projects company at the lowest tariff (0.043 JD/kWh equal to ca. 6.13 USD cents/kWh) in the Round II of the Photovoltaic Procurement program of the Ministry of Energy and Mineral Resources. Acwa Power Mafraq will be included in the assets of ACWA Power RenewCo, a new company created to group the firm’s existing renewable energy portfolio. The plant is part of a 150 MW solar complex coming up at Mafraq. The power purchase agreement and the transmission connection agreement (TCA) for the project were signed by the Project Company with Nepco in January 2016, followed by the Government Guarantee Agreement (GGA) with the Ministry of Finance in April.[/sociallocker]

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