FALCON MAAN SOLAR POWER LLC
Status: Approved investmentWhy disclosure?
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Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
Falcon Ma'an for Solar Energy is a company established for the development, construction and operations of a 21MW solar photovoltaic (PV) power plant project located in the Ma'an Governate (MDA), 218km south of the capital Amman, Jordan.
What is our funding objective?
The project has an estimated cost of US$50 million. FMO is participating in the debt financing mobilized by IFC by providing a senior loan of US$7.5 million. All output generated by the project will connect to a newly built substation in MDA and be sold to NEPCO under a 20-year Power Purchase Agreement (PPA). The project is part of the Government of Jordan’s Renewable Energy Program, which aims to increase renewable energy contribution to 10 percent of the country’s generation mix by 2020.
Why do we fund this investment?
This project will generate over 43GWh (at P50), meeting the growing demand for electricity in Jordan, serving approximately 20,000 customers annually based on a per capita consumption of 2,100 kWh. It will also diversify the fuel mix for Jordan and provide for energy security by generating electricity from a domestic resource, as well as displace thermal power that has a marginal cost of approximately 30% above the tariff, thus helping to alleviate the losses borne by NEPCO. Finally, the project will avoid the emission of approximately 24,882 tons of CO2 per annum.
- Region
- Asia
- Country
- Jordan
- Sector
- Energy
- Effective date
- 9/30/2014
- Total FMO financing
- USD 7.50 MLN
- Funding
- FMO NV
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Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - B