FRV SOLAR HOLDINGS IX B.V./JORDANStatus: Approved investment
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Who is our customer
FRV Solar Holdings IX B.V./Jordan is a company established for the development, construction and operations of a 50MW solar photovoltaic (PV) power plant, located in the Mafraq Development Zone in Northern Jordan.
What is our funding objective?
The estimated project cost for the construction of the solar plant is USD 88.7 million. FMO is participating in a debt financing package mobilized by IFC. All output generated by the project will be sold to off-taker 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?
Once operational, this power plant will generate approximately 130GWh annually, serving approximately 50,000 customers based on a per capita consumption of 2,580 kWh. The project serves to meet the growing demand for electricity in Jordan. By generating electricity from a renewable energy source this solar plant is expected to avoid the emission of approximately 90,000 tons of CO2 per annum. The project contributes to a diversification of Jordan’s fuel mix and provides for energy security by generating electricity from a domestic resource. It contributes to reducing the marginal cost of electricity in the country by generating electricity at a tariff close to half the long term cost of generation in Jordan.
|Total FMO financing
|USD 0.65 MLN
- Effective date
- Total FMO financing
- USD 11.95 MLN
- FMO NV
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)