Status: Approved investment
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FMO is committed to making publicly available relevant investment information that informs stakeholders and enables them to engage directly with FMO on its investments which, in turn, enhances our investment decisions, the design and implementation of projects and policies, and strengthens development outcomes. Learn more

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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

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
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)