news - FMO partners with EBRD to enhance solar generating capacity in Jordan


FMO partners with EBRD to enhance solar generating capacity in Jordan

September 11, 2017

Continuing to support Jordan’s solar programme, the Dutch development bank (FMO) and the European Bank for Reconstruction and Development (EBRD) are extending a US$ 65 million loan to fund a 51 MW solar plant located in the Al-Safawi area of northern Jordan.

The loan will be provided to Al-Safawi for Green Energy PSC, a Jordanian company 70 per cent owned by Fotowatio Renewable Ventures (FRV) and 30 per cent owned by Arabia Trading & Consulting Company Ltd (ATC). The loan is split equally between an A loan provided on the EBRD's own account and a B loan funded by FMO.

This solar plant is the fourth and final project to be developed under the second round of Jordan's solar programme. The successful financing of that round firmly establishes Jordan as a regional leader in the successful deployment of renewable energy. Furthermore, the project is expected to stimulate economic development and local employment in northern Jordan, a region that faces significant challenges from the refugee influx.

Harry Boyd-Carpenter, EBRD Director for Power and Energy, said: “This project is the third financed by the EBRD under Jordan’s second round of its solar energy programme, bringing the total installed capacity of power projects supported by the EBRD in Jordan to more than 1,000 MW. We are pleased to continue our successful cooperation with FMO and FRV, and delighted to support FRV and ATC in this fruitful collaboration.”

“The Al-Safawi project further cements ATC’s commitment towards supporting Jordan’s renewable energy ambitions,” said Mohanned Khalifeh, ATC Group CEO. “The project, which was originated by ATC, is our second solar development in Jordan. As the only local developer to be successfully involved in this second round of solar programme, we endeavour to amplify our commitment through the capacity building of local Jordanian talent across all project phases.” 

Rafael Benjumea, CEO of FRV, emphasised the social impact of the project: “We want to share our success with the communities where we operate, and scholarships are one of our strongest commitments. With the “Young Talented Leaders scholarship”, we get to extend the social impact of our projects, encouraging the educational development in the region. This is the second time the EBRD has supported this initiative. The EBRD’s support has enabled us to keep meeting our social commitment in the country.”

Share this page