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A photovoltaic power plant in Northern Amman
Project
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Signature date
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Location
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Jordan
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Financing tool
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Financing amount (Euro)
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31494711.1
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Financing details
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Loan of 35 470 612 USD
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Customer
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FRV
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Type of customer
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Company
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Country of headquarters
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Jordan
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Project number
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PJO1019
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Environmental and social ranking
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B+
Proparco is cofinancing a private 50 MW photovoltaic power plant in Northern Amman, with the aim of increasing Jordan's energy independence. It will be connected to the domestic grid via a contract with the national electricity company NEPCO.
Client presentation
Fotowatio Renewable Ventures (FRV) was set up in 2006 and is specialized in the development of solar projects, with an installed capacity of over 700 MW worldwide. FRV is 100%-owned by Abdul Latif Jammeel, a diversified Saudi group operating in the Middle East, North Africa and Turkey.
Project description
The loan aims to finance a 50 MW photovoltaic power plant in the Mafraq region in Northern Amman. The electricity generated will be purchased by the national electricity company NEPCO at a highly competitive tariff and will contribute towards Jordan's energy independence.
Project impact
This project will diversify Jordan's energy mix, which is still largely dominated by fossil fuels, in a context of sharply increasing electricity demand. It is estimated that the project will provide access to electricity for some 70,000 people living in the north of the country. In addition, it should reduce CO2 emissions by 80,000 tons during the lifespan of the plant.