London: The European Bank for Reconstruction and Development (EBRD) will provide a loan of $ 65 million to finance the construction of a 51 MW solar power plant in the Al Safavi area in northern Jordan.
As reported by The Financial, the construction of a large solar power plant with a total capacity of 51 MW is the fourth and the last project to be implemented in the second round of the program on the development of solar energy in Jordan. According to the EBRD, it is expected that the project will stimulate economic development and local employment in the northern part of Jordan - a region that faces serious problems due to the influx of refugees.
Financing will be provided to Green Energy PSC, which is 70% owned by Fotowatio Renewable Ventures (FRV) and 30% by Arabia Trading & Consulting Company Ltd. The loan of $ 65 million will be financed by the EBRD and the Dutch Development Bank (FMO). The total cost of the project, in which developers also invest their own funds, is 93.3 million dollars.
Since the beginning of operations in Jordan in 2012, the EBRD has allocated $ 1 billion for 38 projects, of which 10 are in the energy sector.
This year, the EBRD supported the program "Climate Innovative Vouchers" aimed at supporting technical innovation and introducing technologies to reduce greenhouse gas emissions and improve energy efficiency. The first round of the competitive selection took place in Ukraine on September 21.