AL HUSAINIYAH POWER GENERATION COMPStatus: Approved investment
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Who is our customer
Al Husainiyah Power Generation Company is our client ("Project"), a company registered under the laws of Jordan. Sponsors are AMEA Power Limited (70%) and Philadelphia Solar Company LLC (30%). AMEA is part of Al Nowais Investments, a strong diversified private holding conglomerate headquartered in Abu Dhabi and owned by the Al-Nowais family. Philadelphia Solar Company LLC is a specialized solar company based in Jordan.
What is our funding objective?
FMO's funding will be used to develop, construct and operate a 50MW PV solar project in Jordan. Power offtake will be under a 20-year PPA by the National Electricity Power Company under a full Ministry of Finance Government Guarantee. The Project is being developed under the same template as the other Round 1 & 2 PV solar projects FMO has financed in the country.
Why do we fund this investment?
The Project fits FMO’s mandate and strategy as: (i) it is 100% green; (ii) it is led by a financially strong sponsor; (iii) it has high developmental value; and (iv) Jordan has a well-established IPP framework with a strong record of private sector participation, while the government is highly incentivized to act in good faith to ensure the successful roll-out of its renewable energy agenda.
What is the Environmental and Social categorization rationale?
E&S Category B+ due to approx. 250 workers at peak and potential risk associated with working conditions and construction health and safety impacts. PS1 to PS4 are considered applicable for the Project. PS5 to PS8 are not considered applicable due to the following reasons: PS5: The project area is located within the premises of the “Mohamadiyeh Development Project” (MDP) that is owned by the Hashemite Fund for Development of Jordan Badia. The area for the MDP comprises land from two government owned parcels and an unregistered parcel. During the ESIA it was confirmed by local community representatives that prior to the development of the MDP, the area was vacant and not used by the local communities. The development and use of the land for the Project does not involve physical and/or economic displacement. It can therefore be concluded that IFC PS5 is not considered applicable to the Project. PS6: The Project’s potential impacts on biodiversity and living resources are low because natural habitats inside the MDP area have already been impacted by anthropogenic activities, there are no protected or sensitive areas within the vicinity, and because of the low vegetation and habitat density in the surrounding environment. PS7: No indigenous peoples are going to be affected by the development of the Project. PS8: A letter from the General Directorate of Antiquities confirms that the proposed project site is free of antiquities and that it has no objection to proceed with the execution of the Project. A Chance Find procedure will be set up for the Project.
- Website customer/investment
- Publication date
- Effective date
- Total FMO financing
- USD 24.61 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)